Stocks move higher on last day of 2013
THE ASSOCIATED PRESS December 31, 2013 9:06AM
Stocks headed higher Tuesday as investors closed out their positions on the last day of 2013. The Standard & Poor's 500 index was headed for its best annual return since 1997. | AP Photo
Updated: December 31, 2013 3:26PM
NEW YORK — The Standard & Poor’s 500 index closed out its best year since 1997 as traders wrapped up a record-setting year on Wall Street.
The S&P 500 increased nearly 30 percent in 2013. For the full year, its total return was 32 percent including dividends, the biggest in 16 years.
On Tuesday the index rose seven points, or 0.4 percent, to close at 1,848, its latest record close.
The Dow Jones industrial average increased 72 points, or 0.4 percent, to 16,576. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,176.
Trading volume was very light.
The yield on the 10-year Treasury note rose to 3.03 percent from 2.97 percent the day before.
U.S. financial markets will be closed Wednesday for New Year’s Day. Trading will reopen on Thursday.