Stocks Ended Modestly Higher after Economic Data

U.S. stocks ended modestly higher on Monday as solid economic data overshadowed concerns about Europe’s stability in the wake of a rejection of Italy’s vote on Sunday to reform existing constitutional rules. The Dow Jones Industrial Average rose 45.89 points, or 0.24%, to 19,216.31. The S&P 500 gained 12.76 points, or 0.58%, to 2,204.71. The Nasdaq Composite advanced 53.24 points, or 1.01%, to 5,308.89..

The service side of the U.S. economy that employs the vast majority of Americans grew in November at the fastest pace in a year, with most companies reporting that business is steady. The Institute for Supply Management said its non-manufacturing index rose to 57.2% last month from 54.8%.

Italy’s Prime Minister Matteo Renzi has said he will officially resign Monday, after voters rejected his proposals for constitutional reform.

Oil futures were on the rise Monday as the industry continues to enjoy a bounce inspired by OPEC’s historic agreement to cut production. Light, sweet crude for January delivery rose 34 cents, or 0.7%, at $52.02 a barrel. February Brent crude climbed 53 cents, or 1%, at $54.99 a barrel.