US stocks rise as fiscal cliff looms

US stocks were higher Monday two weeks before the world's biggest economy could go off the "fiscal cliff."

The Dow Jones Industrial Average was up 55.09 points (0.42 percent) at 13,190.10 just under 90 minutes after the markets opened.

The broad-market S&P 500 rose 8.24 points (0.58 percent) to 1,421.82, while the tech-rich Nasdaq Composite gained 12.64 points (0.43 percent) at 2,983.97

Stocks climbed despite the New York Federal Reserve reporting that its Empire State manufacturing survey, measuring conditions in the New York region, fell for a fifth straight month in December, with both new orders and shipments lower.

"Despite the US fiscal cliff remaining unresolved and a disappointing read on regional manufacturing activity, the domestic equity markets are gaining ground," said analysts with Charles Schwab & Co.

Traders continued to fret about a series of tax increases and spending cuts set to take effect in January if Washington fails to reach a deal to avert the so-called fiscal cliff, which economists warn could take the United States into recession.

"If nothing else, the market has not given up on the idea of a compromise being reached," said Patrick O'Hare of Briefing.com.

Apple was down 0.9 percent. The tech giant announced Sunday that it had sold more than two million of the new iPhone 5 in China during the smartphone's first weekend in stores there.

Still, Canaccord Genuity slightly lowered its price target for Apple shares, citing softer sales expectations internationally.

American International Group (AIG) was up 1.7 percent. The insurance giant, bailed out by Washington during the financial crisis, said it would sell its remaining stake in Asian insurer AIA, in a deal that could raise up to $6.5 billion.

Sprint Nextel fell 0.1 percent after announcing that it would boost its offer for shares in Clearwater Corp. to $2.97 per share from $2.90. Clearwire dropped 13.4 percent.

On Friday, the Dow lost 0.27 percent, the S&P 500 fell 0.41 percent, while the Nasdaq shed 0.70 percent.

Monday's bond prices fell. The 10-year US Treasury yield rose to 1.72 from 1.71 percent late Friday, while the 30-year increased to 2.88 percent from 2.87 percent.

Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2581+0.0027+0.22%
    USDSGD=X
    1.7397+0.005+0.29%
    EURSGD=X
    2.1136+0.007+0.33%
    GBPSGD=X
    81.3315-0.3424-0.42%
    SGDJPY=X
    6.1625-0.0131-0.21%
    SGDHKD=X
    2.5983-0.0028-0.11%
    SGDMYR=X
    9,255.7637-43.9209-0.47%
    SGDIDR=X
    4.9668-0.0019-0.04%
    SGDCNY=X
    1.1654-0.0005-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,289.10+4.50+0.35%
    GCM14.CMX
    19.64+0.20+1.01%
    SIK14.CMX
    92.25-0.62-0.67%
    ^XAU
    3.12+0.06+2.01%
    HGK14.CMX
    101.92+0.48+0.47%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.75+0.03
    ^FVX
    2.70+0.01
    ^TNX
    3.48+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI