Stocks rise, but can't sustain early gains ahead of jobs report

Stocks bounced upward in the first hours of today's session after better-than-expected home sales and manufacturing data gave traders optimism that the economy is regaining strength. But the markets couldn't hold their early gains, and the Dow Jones industrial average closed up 57 points, or 0.7 percent, at 8,504. It had risen as much as 129 points by mid-morning, but retreated ahead of tomorrow's June jobs report.

Kraft Foods (KFT) rose 5 percent, the most among the Dow's 30 component stocks, after reporting that it would expand its Russian operations. In total, 24 Dow stocks climbed on the day, while six fell. American Express (AXP) and Bank of America (BAC) were among the biggest losers, each declining more than 1 percent.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.

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