U.S. Stocks Advance, But 'Fiscal Cliff' and Italian Politics Weigh on Markets

Category: Markets / Finance / Dec 10, 2012 4:50PM EDT
Wall Street was mostly higher on Monday, led by gains in McDonald's and technology shares, but Italian equities and bonds sank after Prime Minister Mario Monti's decision to resign added concern about who will lead the euro zone's third biggest economy out of its debt crisis. Investors remained cautious as they awaited any sign of progress in budget talks in Washington to avert looming tax hikes and spending cuts that could push the economy back into recession. The White House and Speaker John Boehner's office held more negotiations on Monday, but Republicans said they were still seeking a new offer from President Barack Obama. The Dow Jones Industrial Average gained of 14.75 points, or 0.11 percent, to end at 13,169.88. The S&P 500 rose 0.48 points, or 0.03 percent, to finish at 1,418.55. The Nasdaq added 8.92 points, or 0.30 percent, to close at 2,986.96.