Stocks edge higher, Dow nears 13,000 mark

By msnbc.com news services

Wall Street stocks edged higher at Friday?s open on optimism about Greece's bailout, but the day?s gains could be small as investors appeared ready to take a breather after the S&P 500 posted its best daily gain in two weeks.

Investor sentiment improved after euro-zone officials said the finishing touches were being put on the bailout package, which would include a debt-swap deal that cuts the value of bonds held by financial firms by about 70 percent.

But the market was likely to show signs of fatigue after the S&P rose to a 9-month high on Thursday, pushing above technical resistance level toward 1360. Also, the the Dow Jones industrial average is nearing the psychologically-important 13,000 mark.

Data showed U.S. consumer prices rose 0.2 percent in January, the most in four months, highlighting concerns of growing energy costs, but market reaction was muted.

"What this does is alleviate any argument inviting (more quantitative easing)," said Todd Schoenberger, managing director at Landcolt Trading in Wilmington, Delaware. "But all eyes are on Greece so this shouldn't have an impact on trading."

President Barack Obama will stay focused on China on Friday with an announcement of streamlined financing for U.S. exporters that compete against foreign firms that are afforded "unfair advantages," White House officials said.

Apple Inc's share of China's booming smartphone market slipped for a second straight quarter in October-December as it lost ground to cheaper local brands and as some shoppers held off until after the iPhone 4S launch last month.

Diversified U.S. conglomerate 3M Co is topping up staff pension plans with $800 million to $1 billion cash in 2012 as falling discount rates inflate its long-term liabilities, becoming the latest American company to inject cash into under funded retirement plans.

Applied Materials Inc shares were higher in premarket trades a day after the release of their first-quarter results.
U.S.-listed shares of Baidu Inc fell 1.4 percent following its results late on Thursday.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2012/02/17/10434335-stocks-edge-higher-dow-nears-13000-mark

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