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Daily Wrap: 8/3/2011 Wednesday, August 3, 3:07 PM ET Stocks remained under pressure on Wednesday, with the S&P hitting a new low and the Nasdaq struggling to remain positive for the year, over continued concerns about a possible U.S. credit downgrade.
Economic reports released today didn't do much to boost investor confidence either. The Commerce Department reported a drop in factory orders in June.
Meanwhile, the ADP National Employment Report was also released today. According to that report, 114,000 jobs were added in July in the private sector, and that number was better than economists' expections.
In earnings news, MasterCard (MA) announced that second quarter profit rose 33 percent. Shares of the credit card provider are trading up today.
CenturyLink (CTL) posted a drop in second quarter profit, mainly due to higher than expected depreciation and amortization expense related to the acquisition of Qwest.
GPS maker Garmin (GRMN) posted profits that fell short of expectations, and shares are trading down today.
Tomorrow, we'll take a look at the numbers for weekly claims as well as earnings from GM (GM) and Kraft (KFT).
For Marketnewsvideo.com, I'm Sayoko Murase.
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