NEW YORK, Nov 29 (Reuters) - U.S. stocks finished higher on Thursday as investors bought on sporadic dips in a market roiled by conflicting comments from Washington about negotiations on an agreement to avoid the "fiscal cliff."
Tech shares, including Research In Motion and Advanced Micro Devices, helped the Nasdaq outperform the broader market. Telecommunications and health-care stocks were the day's best-performing sectors.
Reflecting the uncertainty surrounding U.S. budget talks, trading was choppy. Wall Street reversed early gains and fell shortly after House Speaker John Boehner, the top Republican in Congress, dashed hopes that lawmakers were getting closer to a budget deal that would avert automatic tax increases and spending cuts set for early 2013 - the fiscal cliff - that could push the U.S. economy into a recession next year. But the market rebounded by afternoon and the three major U.S. stock indexes rebounded to near their session highs.
The Dow Jones industrial average rose 36.71 points, or 0.28 percent, to 13,021.82 at the close. The Standard & Poor's 500 Index gained 6.02 points, or 0.43 percent, to 1,415.95. The Nasdaq Composite Index advanced 20.25 points, or 0.68 percent, to close at 3,012.03.
Data showed the U.S. economy grew faster than initially thought in the third quarter as businesses restocked, but consumer and business spending were revised lower in a sobering reminder of the economic recovery's underlying weakness. Contracts to buy previously owned U.S. homes rose more than expected in October, a sign the housing market recovery advanced into the fourth quarter despite a mammoth storm and concerns over looming tax hikes. Homebuilders' shares rose. The PHLX housing index rose 0.8 percent.
About 6.15 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.48 billion shares. On both the NYSE and the Nasdaq, roughly three stocks rose for every one that fell.
FKLI spot month closed slightly lower yesterday at 1611 after trading within a range of 1609 and 1613. Today’s Support and Resistance for spot month index is located around 1608 and 1615
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