Dow Ends 7-Day Losing Streak MoneyWatch News 07/06/2010

A triple-digit rally evaporated after news that service-sector growth had slowed, but stocks ended the day in positive territory. Plus: Prices at the pump heading lower.

Dow Ends 7-Day Losing Streak MoneyWatch News 07/06/2010 A triple-digit rally lost steam on Wall Street. Buddy was good enough to snap the stock market 7-day losing streak. The Dow climb by 57 points and the NASDAQ added two. Game started evaporating after news that growth in the service sector slowed last month. Service industries include real estate, entertainment and agriculture and account for about 80% of US employments. BP stocks up nearly 9%. The company announced it has no plans to issue new shares to help raise money for the clean up in the Gulf of Mexico. That’s a relief to shareholders who were worried their investments would be diluted if the company puts more stock into circulation. BP says the cost from the oil spill has top $3 billion so far. And Toyota now says it knew about the engine problem with its Lexus model two years ago. At the time the carmaker didn’t think the defect warranted a recall but yesterday Toyota announced it will be recalling about 270,000.00 vehicles to replace the valve springs. Prices at a pamper heading lower after the holiday weekend and Veteran is likely to continue. The national average for a gallon of gasoline is about $2.72, 2½ cents less that it was at the end of last week. For all your business headlines log on to CBSMoneyWatch.com. In New York, I’m Alison Harmelin.