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Quiet Monday on Wall Street

  • In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew)

    In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew) Purchase photo reprints »

  • In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew)

    In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew) Purchase photo reprints »

  • FILE - In this Thursday, Nov. 28, 2013,  file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File)

    FILE - In this Thursday, Nov. 28, 2013, file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File) Purchase photo reprints »

  • A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan)

    A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan) Purchase photo reprints »

  • FILE - In this Thursday, Nov. 28, 2013,  file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File)

    FILE - In this Thursday, Nov. 28, 2013, file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File) Purchase photo reprints »

  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)

    FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File) Purchase photo reprints »

  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)

    FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File) Purchase photo reprints »

  • FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File)

    FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File) Purchase photo reprints »

  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)

    FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File) Purchase photo reprints »

  • FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File)

    FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File) Purchase photo reprints »

  • A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan)

    A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan) Purchase photo reprints »

  • Purchase photo reprints »

  • In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew)
  • In this Dec. 19, 2013 photo, trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. World stocks traded higher on Monday, Dec. 23, 2013, despite concerns over a cash crunch in China as investor sentiment remained buoyed by growing optimism over the U.S. economy. (AP Photo/Richard Drew)
  • FILE - In this Thursday, Nov. 28, 2013,  file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File)
  • A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan)
  • FILE - In this Thursday, Nov. 28, 2013,  file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File)
  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)
  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)
  • FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File)
  • FILE - In this Monday, Dec. 31, 2012, file photo, a trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York. While 2013 was a great year for the average investor, few market strategists believe that 2014 will be anywhere near as good. (AP Photo/Seth Wenig, File)
  • FILE - In this Thursday, Nov. 14, 2013, file photo, Janet Yellen, of California, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill in Washington, prior to testifying before the Senate Committee hearing on her nomination to succeed Ben Bernanke. The Federal Reserve celebrates 100th birthday at a time of unprecedented global influence on Monday, Dec. 24, 2013. (AP Photo/Jacquelyn Martin, File)
  • A woman uses a non-Apple brand phone outside the Apple retail shop in Beijing Monday, Dec. 23, 2013. Apple and China Mobile announced a long-anticipated agreement Monday to bring the iPhone to the world's biggest phone company. The iPhone, once hugely popular in China, has been eclipsed by the rise of lower-priced rival smartphones from Samsung and Chinese companies. (AP Photo/Ng Han Guan)

Apple helped lift technology stocks after the company reached a deal to sell the iPhone to China’s largest wireless carrier.

The market has been moving broadly higher since last Wednesday, when the Federal Reserve said it will start pulling back on its stimulus program next month as the U.S. economy improves. Last week the government also raised its estimate for third-quarter economic growth to 4.1 percent, the fastest pace since 2011.

“Everything is going in the right direction,” said Rob Stein, chief executive officer of Chicago-based Astor Investment Management.

The Dow Jones industrial average rose 73.47 points, or 0.5 percent, to 16,294.61. The Standard & Poor’s 500 index was up 9.67 points, or 0.5 percent, to 1,827.99. The Nasdaq composite rose 44.16 points, or 1.1 percent, to 4,148.90.

Apple rose $21.07, or 4 percent, to $570.09 after the company reached a deal with China Mobile, the world’s largest cell phone provider, to sell the iPhone in the world’s most populous country. The iPhone is already sold through two smaller carriers there. Technology stocks in the S&P 500 rose 1.5 percent, more than twice as much as the broader index.

Trading was very light ahead of the Christmas holiday. Just 2.8 billion shares were traded on the New York Stock Exchange, well below the recent average of 3.4 billion. Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday.

for Christmas. Both exchanges will also close at 1 p.m. Eastern on Tuesday for Christmas Eve.

The market is heading for its best year in more than a decade. The S&P 500 index has increased 28 percent so far this year — 30 percent when dividends are included — putting it on track for its biggest annual gain since 1997.

“People want to hold on to these gains, so no one is going to take any undue risks this close to the end of the year,” said Stephen Carl, head equity trader at Williams Capital. The next two weeks, with Christmas and New Year’s Day both falling in the middle of the work week, will likely have light trading, he said.

In other economic news, consumer spending rose 0.5 percent in November, the most since June. Those are closely watched figures, especially leading up to the holiday season.

Retailer Jos. A. Bank rejected a $1.5 billion buyout offer from Men’s Wearhouse on Monday. The rivals have made offers to buy each other in recent months, only to be rejected by the other party. Jos. A. Bank fell 74 cents, or 1.3 percent, to $56.29 and Men’s Wearhouse fell 38 cents, or 0.7 percent, to $51.63.

Facebook rose $2.65, or 5 percent, to $57.77. The social network was added to the S&P 500 effective Monday. Fund managers who replicate indexes like the S&P 500 are required to purchase stocks in a company when it’s added.

Target fell 61 cents, or 1 percent, to $61.88 after The Wall Street Journal reported that sales fell 3 percent to 4 percent in last weekend before Christmas. Target is dealing with a massive breach of security in credit and debit card data.

Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.93 percent from 2.89 percent.

Gold fell $6.70, or 0.6 percent, to $1,197 an ounce. Gold has slumped 29 percent this year and is headed for its first annual loss since 2000. Traders have dumped gold as the fear that the Federal Reserve’s easy-money policies would cause inflation dissipated.

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