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Markets head higher in heady year

Dec. 23, 2013 at 5:35 PM   |   Comments

NEW YORK, Dec. 23 (UPI) -- Stocks extended their end-of-the-year rally Monday in New York, after the Commerce Department said consumer spending rose in November.

Spending rose 0.5 percent, as incomes rose for the first time in two months, the department's Bureau of Economic Analysis said.

The Dow Jones industrial average, up 24 percent on the year, rose to a new closing high Monday, gaining 73.47 points, or 0.45 percent, to 16,294.61.

The Standard & Poor's 500 index, up 27 percent in 2013, added 9.67 points, 0.53 percent, to 1,827.99, also topping Friday's inflation-adjusted closing record.

The Nasdaq composite index of tech-dominated stock added 44.16 points, 1.08 percent, to 4,148.90.

On the New York Stock Exchange, 2,214 issues advanced while 913 declined on volume of 2.8 billion shares traded.

Tokyo's Nikkei 225 was closed. Hong Kong's Hang Seng index added 109.38 points or 0.48 percent to 22,921.56 and Australia's S&P/ASX 200 added 26.70 points or 0.51 percent to 5,291.90. In Europe, London's FTSE 100 was up 72.03 points or 1.09 percent to 6,678.61, the German DAX gained 88.64 points or 0.94 percent to 9,488.82 and the French CAC 40 added 21.52 points or 0.51 percent to 4,215.29.

The 10-year U.S. treasury note was down 11/32 for a yield of 2.93 percent.

The euro traded at $1.3695, up 0.22 cent, and the dollar was steady against the yen at 104.08 yen.

Gold shed $5.50 to $1,198.20 per troy ounce, hovering near a 3 1/2-year low. Silver lost 0.4 cents to $19.45.

In after-hours trading, crude oil was off 58 cents to $98.74.

On the Chicago Board of Trade, March corn was up 1/2 cent to $4.33 3/4 a bushel, January soybeans lost 10 cents to $13.29 and March wheat dropped 4 cents to $6.09 1/2.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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