Stocks edge higher on Wall Street in quiet trading

KEN SWEET AP Markets Writer Published:

NEW YORK (AP) -- Stocks moved higher for a seventh straight day in early trading Friday as investors remain positive about the U.S. economic recovery going into the end of the year.

Trading is expected to be quiet as many investors have already closed their books until the start of 2014.

Bond yields continued to rise. The yield on the 10-year Treasury note climbed above 3 percent.

KEEPING SCORE: The Dow Jones industrial average was up 33 points, or 0.2 percent, to 16,511 in the first 35 minutes of trading. The Standard & Poor's 500 index rose a point, or 0.1 percent, to 1,844 and the Nasdaq composite was flat at 4,167.

HIGHER RATES: The yield on the 10-year Treasury note breached the psychologically important 3 percent mark, rising to 3.01 percent from 2.99 percent Thursday. Bond yields have steadily climbed since Dec. 18, when the Federal Reserve announced it was paring back its bond-buying economic stimulus program.

GM RECALLS: General Motors fell 44 cents, or 1 percent, to $41.09 after the company said it would have to recall 1.5 million cars in China to replace a bracket that secures a fuel pump.

TWITTER STALLS: Twitter fell $3.96, or 5 percent, to $69.49. Twitter has soared in recent days. Even with Friday's sell-off, the social media company's stock is still up 69 percent this month.

WINDING DOWN: There are only three trading days left in 2013, and most of Wall Street remains on vacation for the Christmas and New Year holiday. Volume for the last two trading days has been very low, and trading is expected to be slow Friday as well. There are no major economic reports or corporate earnings scheduled this week.