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Stocks lost steam in the final minutes of trading but still finished modestly higher Monday, hitting fresh three-month highs, amid ongoing expectations that the ECB would step in to address the region's debt crisis.
The Dow Jones Industrial Average rose 21.34 points, or 0.16 percent, to close at 13,117.51, led by Bank of America and H-P . With the Dow ending in positive territory, the blue-chip index managed to avoid its 10th consecutive Monday loss.
The S&P 500 climbed 3.24 points, or 0.23 percent, to end at 1,394.23. The Nasdaq gained 22.01 points, or 0.74 percent, to finish at 2,989.91.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, finished near 16.
Among the key S&P sectors, techs and materials led the gainers, while utilities ended slightly lower.
“This has been a proverbial ‘climbing a wall of worry,’” said Russ Koesterich, BlackRock iShares Group of the stock market. “If we can remove some of the tail risks, Europe and fiscal cliff, the market can probably continue to grind higher into the third and fourth quarter.”
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