- POSTED: 10 Dec 2013 06:36
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US stocks edged higher on Monday after encouraging trade and inflation data from China but uncertainty about outlook of Federal Reserve policy limited moves..
NEW YORK: US stocks edged higher on Monday after encouraging trade and inflation data from China but uncertainty about outlook of Federal Reserve policy limited moves..
On Monday, a Federal Reserve official suggested that the central bank could take a small step next week to reel in its stimulus program.
The Dow Jones Industrial Average finished up 5.33 points (0.03 per cent) at 16,025.53.
The broad-based S&P 500 advanced 3.28 points (0.18 per cent) to 1,808.37, a new record high, while the tech-rich Nasdaq Composite added 6.23 points (0.15 per cent) at 4,068.75.
James Bullard, the president of the Fed's St. Louis branch, said in a speech that "a small taper" of the $85 billion a month asset-purchase program might be a possibility as Fed policy makers wrestle with how to respond to signs of improvement in the economy and jobs market.
A strong third-quarter growth report and surprisingly strong November jobs data released last week boosted speculation about whether the Fed would begin pulling back its $85 billion a month stimulus at a policy meeting next week.
Shares in food services firm Sysco soared 9.7 per cent after it announced the takeover of leading rival US Foods in a $3.5 billion stocks and cash deal.
The deal creates a giant in food distribution with $65 billion in annual sales.
American Airlines and US Airways completed their long-gestating merger to become the world's largest carrier Monday and began trading under the new symbol AAL, for American Airlines Group. The shares, which began trade at $23.95, finished at $24.60, after trading as high as $25.44.
Gilead shares rose 1.6 per cent on news late Friday that US drug regulators had approved the biotech firm's new treatment for hepatitis C infections.
McDonald's fell 1.1 per cent after reporting an 0.8 per cent fall in US comparable sales in November.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.86 per cent from 2.88 per cent late Friday, while the 30-year fell to 3.89 per cent from 3.92 per cent.