For the day, the Dow ended higher by 14.75 points (0.11%) at 13,169.88. Nasdaq ended higher by 8.92 points (0.3%) at 2,986.96. S&P 500 ended higher by 0.48 points (0.03%) at 1,418.55.
Among the ten economic sectors, the materials sector advanced the most and consumer discretionary was the heaviest weight.
Fifteen out of thirty Dow components ended higher led by H-P and Cisco Systems.
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The technology sector outperformed the broader market. Seagate and Western Digital were firmer by 2% and 2.3%, respectively. Computer assembler Hewlett-Packard rose 2.6% after earlier rumors suggested activist investor Carl Icahn was building a stake in the company. Also of note, STMicroelectronics rose by 3.7% after announcing plans to terminate its partnership with Sweden-based Ericsson.
In M&A news, Intermec surged 22.9% after being acquired by Honeywell for $10 per share. The transaction price represents a 27.7% premium to Intermec's Friday closing price.
Consumer discretionary stocks underperformed the broader market despite the strength in shares of McDonald's. The fast food giant rose by 1.3% after reporting a 2.4% increase in global comparable store sales.
Elsewhere in the discretionary space, Priceline was down 5% after Deutsche Bank downgraded the stock to 'Hold' from 'Buy.' Peer Expedia was off by 3.6% after the company announced a special dividend of $0.52 per share.
The OECD issued a report overnight that said the U.S., China and U.K economies will continue to grow slowly in 2013, but that economies in the European Union, Japan and Canada will contract. The OECD said China's economic slowdown has ended. Over the weekend Chinese industrial output was reported up 10% on an annualized basis in November, which was above expectations. The China news was also a bullish underlying factor for the raw commodity markets, including the precious metals.
Official data released on Monday showed China's exports grew 2.9% in November, decelerating from a 11.6% growth recorded in October, and shrinking the monthly trade surplus to $19.6 billion. The value of imports was unchanged from a year-ago. Monday's trade data helped push the U.S. dollar slightly higher and applied a little selling pressure on some other currencies such as the euro, reflecting investors' weakened willingness to buy assets that are perceived to be riskier.
Other data showed that China's November industrial output rose 10.1%, retail sales climbed 14.9% and consumer prices gained 2% from the same period a year earlier.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.02% on Monday.
The market place is awaiting this week's last Federal Reserve FOMC meeting of the year, on Tuesday and Wednesday. The "Operation Twist" program ends and the FOMC members must decide whether to extend a bond-buying program.
Also in the U.S., focus of the market place remains on the "fiscal cliff" tax increases and spending cuts that is fast approaching. While the market place presently perceives odds are higher than not that there will be a last-minute agreement among U.S. lawmakers to avoid the fiscal cliff, the overall situation continues to be a bearish drag on many markets, including the raw commodities and stock markets.
Bullion metals ended higher at Comex on Monday, 10 December 2012. Yellow metal prices some mild safe-haven surface on Monday on news that Italy's Prime Minister Mario Monti announced he will resign from office early next year. Gold for February delivery rose $8.9 (0.5%) to settle at $1,714.4 an ounce on the Comex division of the New York Mercantile Exchange on Monday. On Monday, March silver rose 25 cents, or 0.7%, to settle at $33.38 an ounce.
Crude oil prices ended lower for fifth straight session on Monday, 10 December 2012 at Nymex. Prices moved lower as traders digested mixed economic data from China and watched developments surrounding the U.S. debt ceiling and the euro zone. On Monday, light and sweet crude oil futures for light sweet crude for January delivery closed lower by $0.37 (0.4%) at $85.56/barrel. Prices rose to a high of $86.78/barrel during intra day trading.
Advancers outpaced decliners on the New York Stock Exchange, where nearly 593 million shares traded. Composite volume approached 3 billion.
Indian ADRs ended mixed on Monday. Among financials, while ICICI Bank gained 0.07%, HDFC Bank lost 0.2%. Infosys gained 0.7% and Wipro Technologies gained 2.5%. Elsewhere, copper producer Sterlite Industries gained 0.73% and car maker Tata Motors ended lower by 1%. MTNL lost 0.9%.
For tomorrow, the trade balance data is the only economic report expected. Earning reports will continue to pour in.
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