(MENAFN- ProactiveInvestors) U.S. stocks seesawed in a quiet session with the Standard & Poor’s 500 Index poised for a third straight yearly gain as a decline in oil prices weighed on the energy sector and investors shrugged off political turmoil in Greece.
The S&P 500 (INDEXSP:.INX) rose 0.2 percent to 2092 at 3:21 after touching a fresh record of 2093. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) was little changed at 18057 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was steady at 4808.
The S&P energy index (INDEXSP:SP500-10) was up 0.5 percent after climbing more than 1 percent as Brent and U.S. crude oil turned lower. Brent was last off 2.8 percent at $57.80 while WTI lost 2.6 percent to $53.30.
Investors were little disturbed by Greece’s failure to elect a new president. The political shake-up paves the way for a snap election that some fear could lead to a rollback of the country’s austerity measures.
Greek assets fell sharply though they bounced off their lowest levels with the Athex composite index of the country’s major stocks closing 3.9 percent lower. European stocks reversed an early loss with the Stoxx Europe 600 index finishing with a gain of 0.1 percent.
Economic reports this week may show consumer confidence climbed in December pending home sales rose in November while an Institute for Supply Management index of manufacturing slipped this month according to Bloomberg.
The S&P 500 has gained 13 percent this year while the Dow is up 8.9 percent in 2014 after climbing above 18000 for the first time last week.
ADRs of Allianz (OTCMKTS:AZSEY) the lead reinsurer for the missing AirAsia jet that disappeared over the weekend with 162 people on board fell 1.2 percent to $16.91.
() jumped 3.6 percent to $97.12 after reaching amended agreements with ’s () Janssen unit for the development and commercialization of a once-daily treatment for HIV.
Manitowoc (NYSE:MTW) surged 9.2 percent to $22.85 after activist investor Carl Icahn unveiled a 7.77 percent stake in the Manitowoc Wisconsin-based company. Icahn said he plans to push the company to split itself in two mirroring an activist campaign launched in June by Relational Investors LLC.
In metals Gold futures fell for the fourth time in five sessions as the dollar touched a five-year high damping investor demand for the metal as a store of value. Gold futures for February delivery slipped 1.1 percent to settle at $1181.90 an ounce at 1:46 p.m. on the Comex in New York. Gold is headed for a second straight annual loss for the first time since 1998.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.