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    Senior Member JohnDoe2's Avatar
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    S&P 500 set for best year in 16

    Stocks becalmed in holiday doldrums; S&P 500 set for best year in 16

    Kate GibsonCNBC

    3 hours ago

    Stocks finished little changed on Monday, with the S&P 500 on track for its largest yearly increase in 16 years, after a report on pending home sales came in below expectations.


    "It's a very quiet day. The volume is extremely light, as you would expect, but it looks like the S&P is going to hang onto its 29 percent (rise), year to date," said Darrell Cronk, regional chief investment officer for Wells Fargo Private Bank.


    Knocking out another record close, the Dow Jones Industrial Average ended 25 points higher, with Walt Disney leading blue-chip gains after Guggenheim Securities upgraded the entertainment company to buy from neutral.


    In position for its fourth consecutive monthly gain, the S&P 500 declined less than 1 point, with energy the poorest performing and consumer discretionary faring the best among its 10 major sectors. The S&P has gained 29 percent this year, and is on track for its best year since 1997, fueled in large part by stimulus from the Federal Reserve.


    The Nasdaq slipped 2 points.


    Wall Street took in stride a report that found contracts to buy previously owned homes rose less than projected in November.

    The housing data was "just a little bit soft, but traders and investors are looking more at the entire year, and housing prices are up 13.5 percent for 2013, which would be the best year for housing prices in six years," said Cronk.

    Crocs
    rallied 21 percent after the maker of plastic clogs said its chief executive officer would retire at the end of April and that Blackstone Group was investing $200 million in the company to garner a 13 percent stake. Twitter declined 5 percent, continuing the prior week's drop.


    Trading volume was minuscule, as would be expected during the Christmas and New Year holidays, with Wall Street closed on Wednesday for New Year's day.


    The National Association of Realtors reported signed contracts to buy existing homes rose slightly in November, halting a five-month negative streak. Economists expected signed contracts to climb 1 percent.

    "It's clear that the rise in mortgage rates slowed the pace of improvement in the housing market in addition to double-digit price increases and tough lending standards which have put a particularly on those buying a home with a mortgage," emailed Peter Boockvar, chief market analyst at the Lindsey Group.

    The dollar held steady against the currencies of major U.S. trading partners, while the yield on the 10-year Treasury note fell 3 basis points to 2.97 percent.


    "How the U.S. economy responds to higher rates in 2014 will be the true test of its health and whether it's a perpetual addict to cheap money or not," said Boockvar, who cited Bankrate.com in noting that as of Friday, the average 30-year mortgage rate was 4.56 percent, a three-month high and up from an average of 4.32 percent in November.


    The price of U.S. crude lost $1.03 cents to $99.29 a barrel, after breaking above the $100 level on Friday for the first time since October. Gold fell $10.20 to $1,203.80 an ounce, on track for its biggest annual drop in more than 30 years.


    On Friday, stocks ended little changed
    , with the S&P 500 and Dow industrials not far from record highs, as Wall Street considered the impact of increased borrowing costs on the U.S. economy.


    http://www.nbcnews.com/business/stoc...997-2D11818053
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