December 20, 2012-Stocks Edge Higher as Fiscal Talks Commit to Resolve

Stocks moved modestly higher over the course of the trading day on Thursday after showing a lack of direction in morning trading. While upbeat economic data generated some buying interest, continued uncertainty about the fiscal cliff limited the upside for the markets. The major averages ended the day in positive territory, partly offsetting the losses posted in the previous session. The Dow rose 59.75 points or 0.5 percent to 13,311.72, the Nasdaq edged up 6.03 points or 0.2 percent to 3,050.39 and the S&P 500 climbed 7.88 points or 0.6 percent to 1,443.69. The modest strength that emerged on Wall Street was partly due to a batch of largely upbeat U.S. economic data, including reports showing stronger than expected existing home sales growth and a rebound in Philadelphia-area manufacturing activity. The National Association of Realtors said existing home sales rose 5.9 percent to an annual rate of 5.04 million in November from a downwardly revised 4.76 million in October. Economists had expected existing home sales to climb to 4.90 million. With the bigger than expected increase, existing home sales rose to their highest level since spiking to 5.44 million in November of 2009.