US stocks move higher

 The Standard & Poor

FILE - In this May 11, 2007 file photo, a Wall Street sign is seen at an entrance to the New York Stock Exchange. Three years after President Barack Obama signed a sweeping overhaul of lending and high-finance rules, implementation of the law is behind schedule with scores of regulations yet to be written, let alone enforced. Obama was meeting with top banking regulators Monday, Aug. 19, 2013, for a status report with the five-year anniversary of the financial meltdown approaching this fall. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- The Standard & Poor's 500 index is closing out its best year since 1997 as traders wrap up a record-setting year on Wall Street.

The S&P 500 increased nearly 30 percent in 2013. For the full year, its total return was 32 percent including dividends, the biggest in 16 years.

On Tuesday the index rose seven points, or 0.4 percent, to close at 1,848, its latest record close.

The Dow Jones industrial average increased 72 points, or 0.4 percent, to 16,576. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,176.

Trading volume was very light.

The yield on the 10-year Treasury note rose to 3.03 percent from 2.97 percent the day before.

U.S. financial markets will be closed Wednesday for New Year's Day. Trading will reopen on Thursday


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