New York (Reuters) - U.S. stocks edged higher in intraday trading on Monday after worries receded over an explosion in New York’s busy Port Authority commuter hub, while stocks rose around the world on continued solid global economic growth indicators. Tokens of the virtual currency Bitcoin are seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/IllustrationThe Dow Jones Industrial Average .DJI rose 36.39 points, or 0.15 percent, to 24,365.55, the S&P 500 .SPX gained 6.19 points, or 0.23 percent, to 2,657.69 and the Nasdaq Composite .IXIC added 30.89 points, or 0.45 percent, to 6,870.97. “It’s a pretty flat day overall. The market is in a holding pattern until we get past the (Federal Reserve) meeting, which we won’t have until the afternoon on Wednesday,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab in Austin, Texas. The Fed is widely expected to raise interest rates at a two-day policy meeting that ends on Wednesday. Investors will be watching for discussion around disappointing inflation for indications on how many more rate hikes are likely next year. Gains in the energy .SPNY and technology .SPLRCT indices helped boost Wall Street. Apple shares were up 1.7181 percent after the company confirmed it had reached a deal to acquire Shazam Entertainment, an app that identifies music as it is played from a speaker. MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.36 percent. “There’s somewhat of an enthusiasm that global growth is more synchronized than it’s been in a long time, and it’s synchronized in the right direction,” said Scott Wren, a senior global equity strategist at Wells Fargo Investment Institute in St. Louis, Missouri. MSCI's emerging market stock index .MSCIEF rose 0.85 percent. Its broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.82 percent higher, while Japan's Nikkei .N225 rose 0.56 percent. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.01 percent. British shares rose on a weaker pound, rising oil prices and growing confidence in the financial sector. The blue-chip FTSE 100 .FTSE closed 0.8 percent higher. Interest in the surging bitcoin and opening of futures trading continued to fuel bets on cryptocurrency-related stocks, many of which have risen exponentially in value in the past three months. Bitcoin futures jumped more than 20 percent in the U.S. debut on Sunday. The spot price quoted by Bitstamp showed one Bitcoin up 12.3 percent at $16,498. BTC=BTSP TREASURY YIELDS RECOVER Yields on U.S. Treasury 10-year notes and 30-year bonds recovered from earlier losses related to the New York explosion. Benchmark 10-year notes US10YT=RR last fell 1/32 in price to yield 2.3868 percent, from 2.383 percent late on Friday. The 30-year bond US30YT=RR last rose 2/32 in price to yield 2.7723 percent, from 2.775 percent late on Friday. The gap between benchmark German and U.S. 10-year bond yields was near its widest since April on Monday, as the fiscal and policy paths of two of the world’s leading economies diverge. Monetary policy-setters for both countries are due to meet this week. While both economies are on the mend, the U.S. Fed appears to remain on a path of tighter monetary policy while the European Central Bank looks to be on hold for the foreseeable future. In addition, U.S. tightening comes as U.S. President Donald Trump pushes a tax overhaul plan that is expected to balloon its fiscal deficit. The dollar index .DXY fell 0.06 percent, with the euro EUR= up 0.2 percent at $1.1788. Oil prices LCOc1 CLc1 rose, reversing earlier losses, after a North Sea pipeline shut for repairs and investors focused on commodities following the New York blast. U.S. crude CLcv1 rose 0.99 percent to $57.93 per barrel and Brent LCOcv1 was last at $64.65, up 1.97 percent on the day.
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Updated Date: Dec 12, 2017 03:15:12 IST