Stocks rise to start slow holiday week
NEW YORK — Stocks rose in quiet trading on Monday as investors start to close the books on 2013.
Apple helped lift technology stocks after the company reached a deal to sell the iPhone to China's largest wireless carrier.
The market has been moving broadly higher since last Wednesday, when the Federal Reserve said it will start pulling back on its stimulus program next month as the economy improves. Last week, the government raised its estimate for third-quarter economic growth to 4.1 percent, the fastest pace since 2011.
“Everything is going in the right direction,” said Rob Stein, chief executive officer of Chicago-based Astor Investment Management.
The Dow Jones industrial average rose 73.47 points, or 0.5 percent, to 16,294.61. The Standard & Poor's 500 index was up 9.67 points, or 0.5 percent, to 1,827.99. The Nasdaq composite rose 44.16 points, or 1.1 percent, to 4,148.90.
Apple rose $21.07, or 4 percent, to $570.09 after the company reached a deal with China Mobile, the world's largest cell phone provider, to sell the iPhone in the world's most populous country. The iPhone is sold through two smaller carriers there. Technology stocks in the S&P 500 rose 1.5 percent, more than twice as much as the broader index.
Trading was very light ahead of the Christmas holiday. Just 2.8 billion shares were traded on the New York Stock Exchange, well below the recent average of 3.4 billion.
Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for Christmas. Both exchanges will also close at 1 p.m. Eastern on Tuesday for Christmas Eve.
The market is heading for its best year in more than a decade. The S&P 500 index has increased 28 percent so far this year — 30 percent when dividends are included — putting it on track for its biggest annual gain since 1997.
“People want to hold on to these gains, so no one is going to take any undue risks this close to the end of the year,” said Stephen Carl, head equity trader at Williams Capital.
The next two weeks, with Christmas and New Year's Day both falling in the middle of the work week, will likely have light trading, he said.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- As historic breakup nears, Alcoa works to redefine its ‘advantage’
- Older workers try to cut back on hours at job
- Program lets public service workers be forgiven for student debt
- Batteries key to alternative energy’s success
- Paying pals digitally catches on
- Asian bug threatens oranges in Florida
- Make green home upgrades pay off
- Black Friday chaos dwindles thanks to earlier deals, online sales
- Travelers contend with increase in ground delays
- Small stores take big gamble by not upgrading credit card readers
- Convinced Fed will raise rates in December, investors parse meaning of ‘gradual’ increase