US stock indexes drift higher in afternoon trading
Source: AP-Excite
By ALEX VEIGA
Major stock indexes edged higher in afternoon trading Monday, on course to build on gains from last week. Pharmaceutical stocks were among the big risers. Discouraging data on U.S. home sales and a deepening slide in oil prices held back the rally.
KEEPING SCORE: The Dow Jones industrial average rose 118 points, or 0.7 percent, to 17,923 as of 3:15 p.m. Eastern time. The Standard & Poor's 500 index gained 5 points, or 0.3 percent, to 2,076. The Nasdaq composite added 12 points, or 0.3 percent, to 4,777.
SANTA RALLY: Stocks are extending a pre-Christmas advance, which traders often refer to as a "Santa" rally. Major indexes ended last week on a strong note, finishing higher three days in a row. The Dow and S&P 500 are both up for the month, while the Nasdaq is down.
THE QUOTE: "With the Dow being up substantially more than the S&P 500, I would tend to say what's holding back the S&P is more related to its makeup than it is a problem related to investors' perception or concerns," said Sam Stovall, U.S. equity strategist at S&P Capital IQ. "We're firmly in a Santa Claus rally."
FULL story at link.
FILE - This Aug. 9, 2011 file photo shows a Wall Street street sign near the New York Stock Exchange, in New York. U.S. stock indexes are opening mostly higher Monday, Dec. 22, 2014, as the market builds on its big gains from last week. (AP Photo/Mark Lennihan, File)
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