US stocks close higher despite weak data

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Source: Dukascopy Bank SA
© scanpix/AFP
US stocks ended last November's session with mild gains despite lingering concerns over lack of progress in the US budget talks. Adding pressure on the US equities, Chicago PMI attained 50.4 in November, missing estimates of an expansion to 50.5. Moreover, personal spending unexpectedly declined in October, edging down 0.2% after a 0.8% increase in September. Weak data on consumer spending prompted analysts to slash forecasts for US Q4 growth. The S&P 500 Index inched up 0.02% to close at 1,416.18. A half of industries included in the index moved higher. Defensive stocks were the most bullish, with utilities climbing 0.99%. American Electric Power, CMS Energy and Consolidated Edison rose 1.11%, 0.83% and 0.63%, respectively. On the downside were technology and industrial firms. Corning and Dell slumped 0.81% and 0.82%, while Cooper Industries and Cummins dropped 6.11% and 1.69%. Meanwhile, VeriSign tumbled 13.19% as the company is expected to be restricted in increasing prices after a deal with the US government.
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