The major U.S. equity averages finished the shortened trading session due to tomorrow’s Independence Day to the upside. The U.S. stock market closed at 1 p.m. today. It will reopen on Friday for a full session.

Wednesday was a volatile day as traders squared positions before the holiday and Friday’s job market data. Stocks began on a lower note as global events such as political unrest in Egypt and Portugal and disappointing economic data out of China and the Eurozone injected a degree of uncertainty into the market.

Equities fought back from opening losses with technology pacing the advance. The sector ended with a gain of 0.6% as large components like Apple and Oracle provided notable support. The discretionary sector also outperformed the broader market, and homebuilders displayed broad strength. On the downside, the renewed sovereign debt concerns pressured the financial sector, which ended lower by 0.4% after spending the entire session in the red.

Political events around the world are having impacts on global economies and the equity markets. In Egypt, military ousted President Mohamed Mursi from power after he failed to answer the demands of protesting crowds within the timeframe specified by the country’s armed forces.  The constitution was also suspended. The military announced an early presidential election in a bid to resolve the political crisis that has polarized the nation. And that is not all.

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U.S. equity ETFs edged lower erasing earlier gains despite upbeat domestic auto sales figures for June and a stronger-than-forecasted report on factory orders. Selling pressure was fueled in-part by the escalating political turmoil in Egypt along with euro weakness after reports indicated the International Monetary Fund and Eurozone officials gave Greece three days to prove its reforms are on course.  The S&P 500 met resistance around its 50-day moving average again; a level the index has not been able to close above for the past two weeks.

Major U.S. stock indexes traded higher until early afternoon, boosted by positive car sales and factory orders, which rose 2.1% in May, its third increase in the past four months, and above the consensus of 2.0%. Nondurable goods orders moved up 0.7%. On a y/y trend basis, factory orders growth has been anemic for months, but has stabilized around 1.0%, led by durables.

Stocks retreated from their highs in the afternoon amid headlines from Egypt and Europe. The news took some wind out the market’s sails and pressured the euro below 1.30, to a one-month low against the dollar. Today’s dollar strength did not slow the advance in crude oil.

Among the S&P 500’s 10 sectors, the energy sector rose 0.2 percent after crude oil prices hit a nine-month high as turmoil in the Middle East unsettled investors. Industrial sector fell 1.1 percent and ranked as the biggest decliner. Meanwhile, how did the international markets perform?

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Stocks started hot on Monday with strong gains across the board; the second half of the year began in the same positive fashion as the first half, rebounding from Friday’s sell-off. But volume lagged all day, and prices cooled down by day’s end. Upbeat manufacturing reports from the U.S., Japan, and the Eurozone among others helped to fuel the broad-based rally. Treasuries were slightly higher following the return to expansion territory for manufacturing activities and constructions.

Despite mixed data out of China, as the country’s Manufacturing PMI declined to 50.10 from 50.80, stocks climbed at the open, taking a cue from gains in major markets across the world. Meanwhile, most European Manufacturing PMI reports surprised to the upside, but only Great Britain posted an expansionary reading while Spain came in right on the border between contraction and expansion. The aggregate Eurozone Manufacturing PMI ticked up to 48.8 from 48.7.

In the U.S., the ISM Manufacturing Index rebounded 1.9 points in June, its first increase in four months, to 50.9, above the consensus of 50.0. It indicated the manufacturing sector expanded in 45 of the past 47 months.

Moreover, The ISM prices index increased slightly to 52.5, but remained in the zone consistent with low consumer inflationary pressures. Finally, construction spending rose 0.5% in May, close to the consensus of 0.6%, reaching its highest level since September 2009. Taken together, the market showed a solid chance of posting a follow-through day.

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