Wall Street advanced today ahead of the July 4 holiday as investors drew confidence from a smaller-than-expected dip in factory orders and new merger-and-acquisition activity.

Wall Street managed a tiny gain today, enough to give the Dow Jones industrial average another record close, after the Federal Reserve stoked some fears of inflation pressures but implied that it is not intent on raising interest rates.

Kraft Foods Inc., the largest US food manufacturer, said today it would axe 8,000 jobs and close up to 20 production plants as it broadens an ongoing restructuring effort.

Stocks were mixed today with blue chip and tech shares rising only modestly despite lower oil prices and several mergers and acquisitions, including Wm. Wrigley Jr. Co.’s 1.5 billion dollar bid for several candy brands from Kraft Foods Inc.