An early rally fades on Wall Street

Stocks end modestly higher on Wall Street after an early rally loses steam; Onyx Pharma surges

Associated Press
Futures driven higher by manufacturing
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In this Friday, June 28, 2013 photo, trader Kevin Colter, left, works on the floor of the New York Stock Exchange. U.S. stock futures are rising ahead of new data on manufacturing and construction, Monday, July 1, 2013. (AP Photo/Richard Drew)

NEW YORK (AP) -- An early rally on Wall Street has faded away in afternoon trading, leaving indexes modestly higher on the first day of the month.

The Dow Jones industrial average rose 65 points, or 0.4 percent, to close at 14,974 Monday. It had been up as much as 173 in the early going. The Dow lost momentum in the last two hours of trading.

The Standard & Poor's 500 rose eight points, or 0.5 percent, to 1,614. The Nasdaq rose 31 points, or 0.9 percent, to 3,434.

Stocks rose as investors judged that the U.S. economy still isn't growing fast enough for the Federal Reserve to cut back its stimulus.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.1 billion shares.

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