US STOCKS-S&P and Dow waver, Nasdaq pares gains as oil prices drop

jueves 7 de julio de 2016 12:53 GYT

* June ADP employment number rises to 172,000 vs est 159,000

* Oil prices drop more than 3 pct; Exxon, Chevron fall

* Dow down 0.16 pct, S&P down 0.06 pct, Nasdaq up 0.21 pcts (Updates to early afternoon)

By Yashaswini Swamynathan

July 7 (Reuters) - The S&P 500 and the Dow fluctuated between small gains and losses, while the Nasdaq pared some gains on Thursday, as the impact of strong labor market data was offset by a drop in oil prices.

Oil prices fell more than 3 percent, wiping out early gains after the U.S. government reported a weekly crude draw that was within analysts' forecasts, while market optimists expected larger declines.

Exxon and Chevron fell about 1 percent.

Investors will keenly watch for Friday's payrolls report, especially after a shockingly weak May report raised concerns about the recovery of the economy and threw the Fed off track from its plans to raise rates in the near term.

U.S. private payrolls increased more than expected in June and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains.   Continuación...