Wall Street edges up, led by McDonald's and tech
By Gabriel Debenedetti | December 11, 2012 5:49 AM EST
Stocks advanced slightly on Monday, helped by gains in McDonald's after the fast-food giant posted strong sales results, and a move up in technology shares.
Technology stocks were the S&P 500's best-performing sector as Hewlett-Packard Co
Tech was also supported by Cisco Systems
U.S. President Barack Obama met with Republican House Speaker John Boehner on Sunday to negotiate a budget deal. A Boehner aide said Monday that talks are continuing. Obama is expected to make remarks at 2 p.m. from Michigan where he is touring an auto plant.
Persistent worries about the negotiations over the "fiscal cliff," a series of automatic tax hikes and spending cuts that could hurt economic growth next year, have kept market moves small of late.
"The funnel is starting to get narrower and narrower at the end of the year. We're waiting for political resolutions, waiting for headlines," said Brian Battle, director of trading at Performance Trust Capital Partners, in Chicago.
The benchmark S&P 500 index has yet to see a move greater than 0.5 percent in either direction for December, and hasn't moved more than 1 percent either way since November 23. However, the market has regained most of the losses incurred post-election as investors refocused on the fiscal cliff.
The Dow Jones industrial average <.DJI> rose 22.11 points, or 0.17 percent, to 13,177.24. The Standard & Poor's 500 Index <.SPX> gained just 0.75 of a point, or 0.05 percent, at 1,418.82. The Nasdaq Composite Index <.IXIC> was up 5.38 points, or 0.18 percent, at 2,983.42.
News out of Italy kept sentiment in check as Prime Minister Mario Monti said he would resign after the approval of the 2013 budget. The move added to uncertainty about progress being made to tackle the euro zone's debt problem and drove Italy's borrowing costs higher.
(Editing by Jan Paschal)