Wall Street ends by transport

Traders work on the floor of the New York Stock Exchange on June 29, 2011.

Credit: Reuters/Brendan McDermidBy Ryan Vlastelica

NEW YORK | Wed July 6, 2011 3: 14 am EDT

NEW YORK (Reuters) - U.S. stocks were mostly flat Wednesday that force in the names of transportation helped offset a downgrade rating of credit of the Portugal, which put pressure on the shares of the Bank.

Transport classified among the best results, as the Dow Jones.DJT increased by more than 1% and reached a record level in trading intraday. The index was led by Con - Way Inc. (CNW.)(N), which won by 5.5% to $41,80 after

trucking and logistics of the United States society said that it was restoring some employee benefits because the economy has improved.

Other names in the transport group, which is regarded as a barometer of economic activity, also increased. FedEx Corp. (FDX)(N) advanced 1.4 96.80% $ while United Parcel Services (UPS).(N) has increased from 1.3% to $74.73.

But gains were modest such as a milder than expected U.S. services sector growth, which slowed slightly in June, gave investors little reason to make major Paris after the rally of the last week has led S & P 500 up 5.6%.

Michael McGervey, President of McGervey Wealth Management in North Canton, Ohio, said the 1345 level was used as resistance to the & S P 500, referring to a recent high on the index, reached in early June.

"There is a new momentum in the market after the rise of last week, and so general, markets tend to increase." "But what we break 1 345, we are going to be trading sideways", he said, adding that there is in addition to potential if the level has been breached.

S & P 500 has been fluctuating within a range of about 1 250 to 1 350 for several months, with outbreaks in the eurozone debt crisis often use catalyst for profit taking in the trader's market in the short term.

The Dow Jones industrial average.DJI was up 40,22 points, or 0.32%, to 12,610.09. Standard & Poor 500 Index.SPX decreased 0.90 just a point, or 0.07%, to 1,336.98. The Nasdaq.IXIC Composite index increased 2.51 points, or 0.09%, to 2,828.28.

The Dow Jones was more directed by DuPont (DD)(N), which obtained from 1.8% to $55.44. At the beginning of trade afternoon, all three major U.S. stock indexes briefly hit session highs.

Banks were among the worst performers on concerns over their exposure to euro-zone and the stagnation of the growth of U.S. debt. The index of the Bank of the army.BKX fell by 0.6%, with Bank of America Corp. (BAC).(N), big loser of the Dow, down 2.5% at $10.72.

"I believe that issues such as the Greece will appear again and could give markets a reality", McGervey said, adding that there was a correlation between European news and the actions of the Bank.

Decommissioning of Moody rating of credit Portugal Tuesday for "junk" cast new doubt on European efforts to save the States of the eurozone in difficulty without the debt restructuring.

Reflecting concerns about the debt crisis of the euro area, the iShares MSCI Italy index (EWI.)(P) fell from 3.1% and the index MSCI Spain of iShares (GTE.)(P) lost 2.2 per cent.

Central Bank of China has increased the interest rate for the third time this year Wednesday, stating that the tame inflation is a priority as its economy slows slightly.

The Institute for supply management services index showed the pace of growth in the services sector to United States dipped modestly in June, then paid prices strongly a level lowest since August, 2010.

Volume was light, a trend expected to continue throughout the holiday-shortened week, and this could keep choppy trading.

(Reports by Ryan Vlastelica;) (Editing by Jan Paschal)