Stocks edge mostly lower as oil price climbs again

NEW YORK (AP) — Stocks were mostly lower on Wall Street today as a mix of worrying developments across the globe outweighed encouraging news about the job market.

The threat of the European debt crisis re-emerged as traders dumped Portuguese bonds as the country's government teetered on the edge of collapse. Oil climbed above $102 a barrel for the first time in more than a year as the political crisis in Egypt intensified, raising the risk of supply disruptions in the Suez Canal.

That news was offset by a brighter outlook on the U.S. job market before Friday's monthly employment report. Fewer Americans sought unemployment benefits last week and a payrolls processor ADP said U.S. employers added more jobs last month than expected. The government's critical monthly jobs report is scheduled to be released Friday morning. Economists predict that U.S. employers added 165,000 jobs in June.

"The ADP was so positive that it should give some hope for Friday's employment report," said JJ Kinahan, Chief Derivatives Strategist at TD Ameritrade.

The Dow Jones industrial average was up 11 points, or 0.1 percent, to 14,944 as of 11:06 a.m. Eastern Daylight Time. The Standard & Poor's 500 dropped five points, or 0.3 percent, to 1,609.43. The Nasdaq composite was little changed at 3,434.