U.S. Stocks Open Higher

The S&P inched up to reach its highest close since June 2008, while blue chips flirted with the key 13000 level but then fell back. Paul Vigna has details on The News Hub. Photo: Reuters

The Standard & Poor's 500-stock index squeaked out its highest close since 2008, as most stocks traded higher after better-than-expected reports on home sales and consumer sentiment.

The Dow Jones Industrial Average fell 1.74 points, or 0.01%, to 12982.95, after reaching above the 13000 mark earlier in the session. The S&P 500 tacked on 2.28 points, or 0.2%, to 1365.74, its highest close since June 5, 2008. The Nasdaq Composite added 6.77 points, or 0.2%, to 2963.75.

Technology and utility stocks led the advance, while financial stocks lagged behind. American Express topped the Dow, up 66 cents, or 1.3%, to $53.33, while Bank of America fell 14 cents, or 1.8%, to 7.88.

Stocks edged higher after upbeat readings on the U.S. economic data front, but gave up gains in the afternoon. Friday's volume on the New York Stock Exchange was the third lowest in 2012, at 3.32 billion shares. This year, average daily volume is 3.78 billion shares, compared with 4.26 billion in 2011.

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Trader Anthony Riccio works on the floor of the New York Stock Exchange on Friday.

Data showed U.S. consumers turned more upbeat about the economy at the end of February. The Thomson Reuters/University of Michigan consumer-sentiment index rose to 75.3, better than the 73 expected by economists surveyed by Dow Jones Newswires. Sales of new homes fell in January, but managed to beat expectations.