US stocks end higher but fall short of record high

Feb 25 2014, 13:44 IST
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The stock market ended higher Monday, but a late fade kept it from closing at an all-time high. (AP) The stock market ended higher Monday, but a late fade kept it from closing at an all-time high. (AP)
SummaryThe stock market ended higher Monday, but a late fade kept it from closing at an all-time high.

markets continue to recede, and now the problems in the Ukraine are out of the way,'' said Bill Stone, chief investment strategist at PNC Wealth Management.

The S&P 500's 1,850-point level continues to be a ceiling for investors trying to bid stocks higher. The index has tried to close above 1,850 three times in the last three months, failing each time.

Investors have a chance to test all-time highs after economic reports come out later this week.

Fed Chair Janet Yellen will testify in front of the Senate Banking Committee on Thursday. Economic reports this week include durable goods orders and U.S. fourth-quarter gross domestic product.

Government bond prices were flat Monday. The yield on the 10-year Treasury note was unchanged from Friday at 2.74 percent. The price of oil rose 62 cents to $102.82 a barrel. Gold rose $14.40 to $1,338 an ounce.

In other corporate news:

Netflix and Comcast reached an agreement to ensure that the online video service's shows and movies are streamed smoothly. No details were released about the cost to Netflix. Comcast gained 10 cents, or 0.2 percent, to $51.15 and Netflix was up $14.77, or 3 percent, to $447.

eBay rose $1.71, or 3 percent, to $56.30 after the activist shareholder Carl Icahn disclosed a 2 percent stake in the company. Icahn is looking to replace several members of eBay's board of directors.

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