US stocks were flat on looming fiscal cliff

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks inched up on Monday, balancing between recent positive data form the domestic economy and mounting worries over the looming fiscal cliff. The market sentiment was also dampened by dismal quarterly GDP data from Japan and concerns over Greece's bailout plan. The S&P 500 Index added 0.01% to close at 1,380.00. Six out of ten sectors within the index gained. The top-performers were health care firms and telecommunications.  Boston Scientific and Celgene climbed 1.17% and 5.82%, while CenturyLink and Frontier Communications rose 0.28% and 1.38%. Celgene moved higher after reporting that its late-stage study of Abraxane drug  indicted a significant improvement in the life span of patients with pancreatic cancer. Meanwhile, shares of Titanium Metals led gains in S&P 500, skyrocketing 42.61% to USD16.45.  Titanium Metals agreed to be acquired by Precision Castparts for USD16.50 per share. Precision Castparts climbed 4.88%. At the same time, J.C. Penney tumbled 12.94% after Credit Suisse cut its stock rating from ‘neutral' to ‘underperform'.

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