U.S. stocks edge higher in quiet trading

U.S. stocks edged higher Friday morning in relatively quiet trading a day after Christmas. Falling oil and natural gas prices helped bolster expectations for stronger consumer spending heading into next year.

The Dow Jones industrial average rose 46 points, or 0.3 percent, to 18,076 as of 11:27 a.m. ET. The Standard & Poor's 500 gained eight points, or 0.4 percent, to 2,090. The Nasdaq composite added 26 points, or 0.6 percent, to 4,799.

Benchmark U.S. crude oil fell 25 cents to $55.58 a barrel. Oil prices have been a major focus in markets over the past few weeks as they have fallen by about a half since the summer. Natural gas slipped 3 cents to $3 per 1,000 cubic feet.

Investors are cheering the slide in oil and natural gas prices, anticipating the trend should help boost consumer spending, which accounts for 70 percent of the U.S. economy, said Phil Blancato, CEO and president of Ladenburg Thalmann Asset Management.

Also giving the market a lift: Money managers typically put remaining cash back to work in their funds ahead of the end of the year.

"They realize they're in the strongest spending season of the year, so it's hard not to find good data," Blancato said. "There's lighter volume with people being out of the office, so there's a lot on your side that's going to drive the market."

All 10 sectors in the S&P 500 index moved higher, led by utilities stocks. The sector is up 28 percent this year. Regeneron Pharmaceuticals notched the biggest gain among individual stocks in the S&P 500, adding $14, or 3.5 percent, to $414.12. Tenet Healthcare declined the most, shedding 65 cents, or 1.2 percent, to $51.79.

Major European markets were closed. In Asia, Japan's Nikkei 225 rose 0.1 percent amid expectations of further government stimulus. South Korea's Kospi gained 0.1 percent. The Shanghai Composite Index rose 2.8 percent, led by gains transportation and property development shares.

U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.26 percent.