AP Top Business News at 1:32 p.m. EST – WAVY.com

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NEW YORK (AP) — U.S. stock indexes are closing modestly higher on Thursday after drifting through an abbreviated session. The S&P 500 rose 0.4% before trading shut on Wall Street for the Christmas holiday, trimming its small loss for the week. Markets will reopen on Monday. The majority of stocks in the S&P 500 rose, and gains for tech companies and others helped overshadow losses for oil producers. European stock movements were also muted. The United Kingdom and European Union reached a trade deal to avert what could have been chaos for cross-border commerce following Brexit, beginning on New Year’s Day.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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