US stocks edge higher after Iran nuclear deal

KEN SWEET, AP Markets Writer

NEW YORK (AP) — Stocks were mixed in early trading Monday after the U.S. and other world powers reached a deal to limit Iran's nuclear program.

The Dow Jones industrial average rose 38 points, or 0.2 percent, to 16,103. The Standard & Poor's 500 index rose one point, or 0.1 percent, to 1,806. The Nasdaq composite rose four points, or 0.1 percent, to 3,994.

Sunday's deal with Iran was the first significant progress in years to curtail that country's nuclear ambitions. It could reduce the risk of conflict, improve trade and boost global oil supplies by making it easier for Iran to sell its crude onto the global market. The price of benchmark U.S. crude was down 76 cents, or nearly 1 percent, to $94.08 a barrel.

The energy sector was the biggest decliner among S&P 500 sectors, due to the lower oil prices. Energy companies Halliburton, Transocean and Anadarko Petroleum all fell two percent or more.

The S&P 500 has risen seven straight weeks, but there are a growing number of investors who believe the market has risen too far, too fast. The Nasdaq composite briefly crossed over the 4,000-point mark on Monday, a level it hasn't seen since the dotcom bubble.

Trading is expected to be light this week. Stock and bond markets are closed Thursday in observance of the Thanksgiving holiday. On Friday, the New York Stock Exchange and Nasdaq will close early.

A lot of investors' attention will be on Black Friday, when the holiday shopping season officially starts. Due to the lateness of Thanksgiving, the Christmas shopping season is a week shorter than usual, and that could affect the amount of shopping people can do. An increasing number of retailers are opening up on Thanksgiving to draw in customers.

In other news, shares of Wal-Mart rose after the company announced its CEO is stepping down. Wal-Mart was up 57 cents, or 0.7 percent, to $80.38.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Gayly - November 25, 2013 @ 10:30am