Stocks Ended Up on ISM Data

U.S. stocks ended up on Tuesday, after a better-than-forecast showing in the Institute for Supply Management’s services index offered some hope on the U.S. economic recovery. The Dow gained 26.49 points, or 0.22%, to 12,127.95. The S&P 500 added 7.32 points, or 0.57%, to 1,285.50. The Nasdaq Composite gained 18.10 points, or 0.66%, to 2,778.11.

The Institute for Supply Management said Tuesday that its index of nonmanufacturing activity edged up to 53.7 last month from an April reading of 53.5. The May reading was slightly below the long-run average for the index of 53.9. A reading above 50 indicates expansion.

Spain said on Tuesday that credit markets were closing to the euro zone’s fourth biggest economy as finance chiefs of the Group of Seven major economies conferred on the currency bloc’s worsening debt crisis but took no joint action.

Starbucks (SBUX) is spending a bit of bread to get into the bakery business: The coffee giant plans to lay out $100 million in cash to purchase San- Francisco-based Bay Bread and its La Boulange brand. This is the largest acquisition Starbucks has made yet (its purchase of Seattle Coffee Co. for $81 million in stock previously held this title), and it speaks to CEO Howard Schultz’s desire to better-satisfy hungry customers.

Crude-oil futures climbed back above $84 a barrel on Tuesday. July futures for light, sweet crude (NMN:CLN2) tacked on 31 cents, or 0.4%, to settle at $84.29 a barrel on the New York Mercantile Exchange after trading between a high of $84.92 and a low of $83.31.

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