Investing.com - U.S. stocks closed higher Monday, despite weak U.S. service sector data, as investors turned bullish ahead of the upcoming U.S. Presidential election.
At the close of U.S. trade, the Dow Jones Industrial Average gained 0.15%, the S&P 500 index added 0.31%, while the Nasdaq Composite index advanced 0.59%.
Markets climbed on bullishness over the outcome of Tuesday’s U.S. presidential elections, with opinion polls indicating a dead heat between President Barack Obama and Republican challenger Mitt Romney.
However, pressuring U.S. shares, service sector activity in the U.S. grew at a slower rate than expected in October, but still expanded for the 34th consecutive month, industry data showed on Monday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell to 54.2 in October from a reading of 55.1 in September.
Analysts had expected the index to decline to 54.5 in October.
Meanwhile, concerns over Spain's financial woes re-emerged after the country's Employment Ministry said the number of unemployed people rose by a seasonally adjusted 128,200 in October, above expectations for an increase of 90,500.
The number of unemployed people in Spain rose by an unrevised 79,600 in September.
Financial stocks were broadly lower, as U.S. lenders tracked their European counterparts' performances. Shares in Bank of America slipped 0.10% and Goldman Sachs fell 0.38%, while Citigroup and JP Morgan dropped 0.59% and 0.90%.
Comcast and Amgen added to losses, with shares tumbling 1.44% and 0.97%, as the two companies were reportedly preparing to ask the U.S. Supreme Court on Monday to further limit class actions following a decision last year in the landmark Wal-Mart Stores discrimination case that restricted such group litigation.
Elsewhere, health insurer Humana slid 1.02% after it reported a lower quarterly profit but said its results were better than it had expected. The health insurer also struck a deal to acquire Florida-based Metropolitan Health Networks, which serves Medicare and Medicaid members.
Energy stocks were also on the downside, as oil and gas major Exxon Mobil declined 0.02%, while Chevron edged down 0.21%.
Drilling contractor Transocean saw shares climb 4.54% on the other hand, after it reported a higher-than-expected adjusted profit for the third quarter as it made more efficient use of the world's largest offshore oil drilling fleet.
Also on the upside, Apple jumped 1.80% after saying it sold 3 million iPads since Friday, when it launched the iPad mini and the fourth-generation iPad.
At the close of European trade, the EURO STOXX 50 declined 1.16%, France’s CAC 40 slid 1.26%, while Germany’s DAX 30 dropped 0.51%.
Investors are awaiting the U.S. Presidential Election and German factory orders on Tuesday.