* Former FBI director's testimony has little new details
* Traders eye UK election, ECB meeting Thursday
* Oil tumbles, energy sector stocks follow
* Dow up 0.19 pct, S&P 500 up 0.15 pct, Nasdaq up 0.28 pct
(Updates prices, comment; changes byline)
By Rodrigo Campos
NEW YORK, June 7 U.S. stocks edged up on
Wednesday on relief that written testimony from former FBI
director James Comey did not include any big surprise about an
investigation into Russian meddling with the U.S. presidential
Comey wrote that U.S. President Donald Trump pressured him
into watering down the Federal Bureau of Investigation's probe
into whether Russia meddled in the November vote.
However, the details of Comey's testimony, expected to be
delivered Thursday to a Senate Committee, had been previously
reported, and appeared to be priced into the stock market.
Investors were concerned that any additional revelation
could dampen already flagging momentum for Trump's agenda of
lower taxes and lax regulations.
Bets that Trump can implement his agenda are partly behind a
rally that has taken stock indexes to record highs.
"They were hoping that there wasn’t going to be anything in
there that was more inflammatory," said Peter Costa, president
of trading firm Empire Executions.
"The testimony wasn’t as disastrous as it could have been,"
he said of the prepared remarks, adding that the market was
relieved no damaging details emerged and his testimony "more
than likely isn’t going to blow up into some big fiasco, another
thing that the president has to deal with."
[For Comey's full statement, see: bit.ly/JCJune8]
Costa cautioned that the market's reaction to Comey's
remarks was not a particularly big move up and volume is light.
The Dow Jones Industrial Average rose 39.93 points,
or 0.19 percent, to 21,176.16, the S&P 500 gained 3.55
points, or 0.15 percent, to 2,432.88 and the Nasdaq Composite
added 17.52 points, or 0.28 percent, to 6,292.58.
Wall Street was weighed by a near 2 percent drop in the S&P
500's energy sector. All but two of the 34 components of
the sector fell as U.S. crude futures tumbled more than 4
percent due to an unexpected rise in U.S. inventories. Brent
crude fell nearly 4 percent.
The largest percentage gainer on the S&P 500 was Signet
Jewelers, which rose 4.3 percent, while the largest
decliner was Newfield Exploration, down 6.8 percent.
Investors are also keeping an eye on Britain's general
election and the European Central Bank's policy meeting, both on
Opinion polls have shown Conservative Prime Minister Theresa
May's lead over the opposition Labor party narrow over the last
three weeks, with some even suggesting she could fall short of a
majority government. The election comes as Britain maps its exit
from the European Union following a referendum on the subject
The ECB is expected to reiterate its plan to maintain a very
accommodative monetary policy at least until the end of the
Declining issues outnumbered advancing ones on the NYSE by a
1.18-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers.
(Reporting by Rodrigo Campos, additional reporting by Tanya
Agrawal in Bengaluru and Lewis Krauskopf in New York; Editing by