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NEW YORK (CNNMoney)
The Dow Jones industrial average edged up 0.1%, the S&P 500 added 0.2% and the Nasdaq advanced 0.4%.
"Basically, the market is on strike," said Doug Roberts, chief market strategist for Channel Capital Research.
Stocks have been stuck in a rut for weeks as investors have been unwilling to take risks before President Obama and lawmakers reach an agreement on tax hikes and spending cuts set to kick in automatically on Jan. 1.
The fiscal stalemate in Washington overshadowed upbeat economic news and new stimulus policies by the Federal Reserve.
Initial jobless claims fell more than expected during the latest week, while retail sales bounced back in November. Producer prices fell 0.8% last month.
The Fed, along with four other central banks, extended an existing policy that makes it cheaper for banks around the world to borrow U.S. dollars -- a staple of global financial transactions -- through February 2014. Previously, the policy was set to expire in February 2013.
The moves follow the Fed's announcement Wednesday to extend its bond buying program and to maintain low rates until the unemployment rate falls to 6.5% or inflation exceeds 2.5% a year. The move was widely expected, and U.S. stocks closed lower Wednesday as investors shrugged it off.
"The so-called Bernanke put is in place," said Roberts. "But for the market to rally, we need the fiscal cliff to be resolved, even if it's temporary."
While many investors expect a last-minute compromise, the latest rhetoric suggests the negotiations are far from over.
"The longer the White House slow walks this discussion, the closer our economy gets to the fiscal cliff and the more American jobs are placed in jeopardy," said House Speaker John Boehner on Wednesday.
On the corporate front Thursday, shares of Best Buy (BBY, Fortune 500) surged following a report that said the company's founder Richard Schulze will make an offer to purchase the electronics company by the end of the week.
Sprint (S, Fortune 500) has offered to buy the 49% of wireless broadband provider Clearwire (CLWR) it doesn't already own, according to a regulatory filing.
CVS Caremark (CVS, Fortune 500)shares were higher after the company boosted its quarterly dividend, announced a $4 billion share buyback and raised its 2013 outlook.
Pier 1 Imports (PIR) also upped its dividend and announced a share repurchase program of $100 million. The home furnishings retailer also reported better-than-expected third quarter earnings and sales, and lifted its forecast for the year.
Hovnanian (HOV) reported a net loss of 59 cents per share in the third quarter, although the homebuilder said it made a profit, excluding various charges, for the first time in 25 quarters.
Fear & Greed Index
In Europe, finance ministers said Thursday they had reached a deal that will bring the continent's banks under a single supervisor. The measure is the latest attempt to alleviate pain caused by the region's debt crisis, and could help standardize the oversight of banking operations.
Meanwhile, eurozone finance ministers agreed to release the next installment of Greece's bailout. The cash-strapped country is slated to receive €49.1 billion through the first quarter of 2013, with €34.3 billion of that being paid out in the coming days.
European markets were lower in afternoon trading.
Meanwhile, Asian markets ended mixed. Japan's Nikkei closed up 1.7% as the nation's elections approach.
Gold prices sank 1% in early trading, while oil prices were also off. Bond prices fell, with the yield on the 10-year U.S. Treasury note rising to 1.73%. The U.S. dollar weakened against the euro and British pound, but gained against the Japanese yen. 
First Published: December 13, 2012: 9:45 AM ET
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