Investing.com - Stock prices finished Monday mixed to higher in
quiet trading as investors shrugged off weaker-than-expected
housing data and looked head to early 2014 to see how
fourth-quarter earnings and economic growth rates perform.
At the close of U.S. trading, the Dow Jones Industrial Average rose
0.16%, the S&P 500 index fell 0.02%, while the Nasdaq Composite
index fell 0.06%.
The National Association of Realtors reported earlier that its
pending home sales index increased by a seasonally adjusted 0.2% in
November, far shy of market expectations for a 1.0% gain. Pending
home sales for October were revised to a 1.2% decline from a
previously reported drop of 0.6%.
Investors took the data in stride as overall, stocks are poised to
post their strongest year since 1997 due to a more robust U.S.
economy and also due to Federal Reserve monetary support.
The Federal Reserve announced recently it would trim USD10 billion
from its USD85 billion in monthly bond-buying purchases beginning
While Fed bond purchases tend to bolster stocks by suppressing
borrowing costs, a decision to taper the stimulus program signifies
a more robust economy lies just down the road, which is also
bullish for equities.
Leading Dow Jones Industrial Average performers included Walt
Disney, up 2.53%, Cisco, up 1.07%, and Coca-Cola, up 1.06%.
The Dow Jones Industrial Average's worst performers included Exxon
Mobil, down 1.13%, Chevron, down 0.73%, and Boeing, down 0.72%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.19%,
France's CAC 40 fell 0.05%, while Germany's DAX 30 fell 0.39%.
Meanwhile, in the U.K. the FTSE 100 finished down 0.29%.
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