By Victor Reklaitis and Sara Sjolin, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market edged higher in
late-morning action Monday, as stocks from the hard-hit energy
sector helped lift the S&P 500 to a fresh intraday record.
But renewed worries about Greece appeared to keep gains limited,
as that country's failed presidential election sparked worries
about its relationship with its international creditors.
The S&P 500 (SPX) was last up 3.80 points, or 0.2%, to
2,092.57 after briefly hitting a new intraday peak above 2,093.
The Dow Jones Industrial Average (DJI) rose 7 points, or less
than 0.1%, to 18,061. The blue-chip gauge is trying to build on a
seven-session winning streak.
The Nasdaq Composite (RIXF) gained 5 points, or 0.1%, to
4,812.
Trading is expected to be light in this holiday-shortened week,
as it was Friday, when composite volume was its lowest for the year
so far. Even so, both the S&P and Dow on Friday closed at
records, while the Nasdaq ended at its highest level since March
2000. Several analysts have said equities could move even higher
before New Year's Eve and kick off 2015 in style. Read: Stocks to
stay buoyant into the New Year
Movers and shakers:Energy-related stocks such as Denbury
Resources Inc. (DNR) and Nabors Industries Ltd. (NBR) were among
the S&P 500's top performers as oil recovered somewhat from its
recent slide. The energy SPDR (XLE), an ETF that tracks the S&P
500's energy stocks, remains down about 9% for the year, but it
established at least a short-term bottom in mid-December. Check
out: Energy stocks may be starting to attract bargain hunters
Gilead Sciences Inc. (GILD) was also among the S&P's best
performers as Morgan Stanley upgraded it to overweight and Barron's
picked the stock as one of its 10 favorites for 2015.
Shares of Manitowoc Co. (MTW) jumped after activist investor
Carl Icahn disclosed a 7.8% stake in the company and indicated he
wants to split the crane and food-service businesses. (Read more in
the Movers & Shakers column
http://www.marketwatch.com/story/airasia-airbus-shares-in-focus-after-missing-jet-2014-12-28.)
Greek drama: The global trading mood on Monday was dented by
renewed uncertainty about the political landscape in Greece. The
country's parliament rejected Prime Minister Antonis Samaras's
candidate in a third and final presidential vote, meaning
parliament will now have to be dissolved and a snap election
held.
The far-left, euroskeptic party Syriza is forecast to win that
election, bringing back concerns that Greece would end its
international bailout program or even leave the eurozone. Greece's
ATHEX Composite index tumbled after the failed vote, while the
pan-European Stoxx Europe 600 index and the Global X FTSE Greece 20
ETF (GREK) both slumped.
Other markets: Crude-oil futures (CLG5)advanced Monday after
reports of a fire at storage terminals at a Libyan oil
terminal.
Gold futures moved lower, while the dollar gained ground on the
euro in the wake of Greece's election news.
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