US stocks edge up amid hopes for ‘cliff’ deal

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NEW YORK—US stocks ended slightly higher Monday amid hopes that a political deal over the looming fiscal cliff was in the works.

 

Markets showed little effect from the fresh turmoil in the eurozone, after Italian Prime Minister Mario Monti said he would resign in the coming days and Silvio Berlusconi threatened a comeback on an anti-austerity platform.

 

The Dow Jones Industrial Average rose 14.75 points (0.11 percent) to 13,169.88.

The broad-market S&P 500 added 0.48 (0.03 percent) to 1,418.55, while the tech-rich Nasdaq Composite rose 8.92 points (0.30 percent) to 2,986.96.

 

Trade was light and in a narrow range, with transportation, technology and basic materials shares strongest, while consumer goods slipped.

 

Troubled Hewlett-Packard surged 2.6 percent on rumors that raider Carl Icahn was moving on the company.

 

Canadian energy firm Nexen added 13.8 percent after Canadian regulators approved its takeover by Chinese state oil giant CNOOC late Friday.

 

Excepting Apple (-0.6 percent), big tech stocks were higher: Facebook 1.3 percent, Google 0.2 percent, Cisco 2.4 percent and STMicroelectronics, which said it was leaving a joint venture with Ericsson, added 3.4 percent.

 

Bond prices edged higher. The 10-year US Treasury yield slipped to 1.62 percent from 1.63 percent late Friday, while the 30-year fell to 2.80 percent from 2.81 percent.

 

Bond prices and yields move inversely.

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