US stocks edge higher

Stocks ended a volatile session moderately higher today as investors eyed soaring oil prices and the pending retirement of embattled Morgan Stanley CEO Phil Purcell ahead of key economic reports due later this week.

With inflation and retail sales figures expected Tuesday and Wednesday, investors were wary of making big commitments, and pricey oil capped the session’s advance. The expectation of good economic news lent a definite upside bias to stocks, however, and Wall Street’s favourable reaction to Morgan Stanley’s announcement contributed to the market’s good humour.

The Dow Jones industrial average rose 9.93, or 0.09%, to 10,522.56, an improvement after the index dipped into negative range, but well off its session high of 10,589.16.

Broader stock indicators also gave up earlier gains, but closed modestly higher. The Standard & Poor’s 500 index was up 2.71, or 0.23%, at 1,200.82. The Nasdaq composite index added 5.96, or 0.3%, to 2,068.96.

Bonds continued last week’s sell-off, with the yield on the 10-year Treasury note rising to 4.08% from 4.05 percent late on Friday. The dollar climbed to nine-month highs against the euro and the Japanese yen thanks to a better-than-expected US trade deficit, reported on Friday. Gold prices also rose.

Oil prices spiked higher ahead of this week’s OPEC meeting; members are expected to raise the daily output quota by half a million barrels, but analysts said the move would have little impact on prices.

The Russell 2000 index of smaller companies was up 2.69, or 0.43%, at 629.02.