Stocks edge higher; Dow boosted by McDonald's
NEW YORK — Stocks edged higher Monday on Wall Street after a strong sales report from McDonald’s offset concerns about the surprise resignation of Italy’s prime minister. Investors also waited for developments in crucial U.S. budget talks.
The Dow Jones industrial average rose 14.75 points to 13,169.88. The index traded within a narrow range of just 56 points throughout the day. The Standard and Poor’s 500 finished 0.48 point higher at 1,418.55. The Nasdaq composite ended up 8.92 points at 2,986.96.
Robert Pavlik, chief market strategist at Palm Beach, Fla.-based Banyan Partners, said the company’s strength was encouraging. McDonald’s, one of the 30 stocks in the Dow, was trading as high as $100 at the beginning of 2012.
The yield on the 10-year Treasury note fell 1 basis point to 1.62 percent.
President Barack Obama and House Speaker John Boehner met at the White House on Sunday while rank-and-file Republicans stepped forward with what they called pragmatic ideas to break the stalemate. The Obama-Boehner meeting was the first between just the two leaders since Election Day.