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US stocks close mixed; S

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(Globalpost/GlobalPost)

US stocks closed mixed Monday, with banking giant Bank of America advancing strongly on news of a key mortgage securities settlement.

At the closing bell, the broad-based S&P 500 edged to a new all-time closing high, rising 3.10 (0.19 percent) to 1,617.52.

The Dow Jones Industrial Average slipped 4.15 (0.03 percent) to 14,969.81. The tech-rich Nasdaq Composite Index rose 14.34 (0.42 percent) to 3,392.97.

Trading was subdued amid a lack US economic data, a sharp contrast to Friday when a strong April jobs report drove major gains in the leading indices.

On the corporate front, Bank of America and MBIA announced an agreement to settle a dispute over mortgage-backed securities, with BoA set to pay $1.7 billion to the insurer. The agreement, which requires approval by authorities, would remove a cloud of legal uncertainty surrounding the firms.

Bank of America gained 5.2 percent; MBIA soared 45.0 percent.

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http://www.globalpost.com/dispatch/news/afp/130506/us-stocks-close-mixed-s