Stocks Closed Relatively Flat

U.S. stocks closed relatively flat on Monday, although the Dow Jones Industrial Average eked out a large enough gain to set its 51st record  close of 2013. The Dow industrials advanced 25.88 points, or 0.16%, to 16,504.29, leaving the index on track for a 26% annual gain. The S&P 500 gave back 0.33 point, or 0.02%, to 1,841.07, leaving it on track for a 29.1% annual rise. The Nasdaq Composite slipped 2.40 points, or  0.06%,  to 4,154.20. The Nasdaq is up 37.6% for the year to date.

Contracts to purchase previously owned U.S. homes edged up in November, marking the first increase in six months. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, rose 0.2 percent from October, to 101.7. But contracts were 1.6 percent below last November’s levels.

The Federal Aviation Administration will authorize test sites for drone aircraft in upstate New York, New Jersey and at least eight other states, the agency said on Monday, but integrating the aircraft into the nation’s airspace, set by Congress for 2015, will be phased in gradually.

Wells Fargo & Co. said Monday it has agreed to pay $591 million to Fannie Mae to settle disputes over soured mortgages the bank sold to the seized housing finance giant during the subprime housing boom.