Wall Street edges up on data while European shares slip

US stocks rose modestly today as strong economic data outweighed growth concerns in China and Europe and let investors brush off worries about the impact of expected across-the-board government spending cuts.

The Dow Jones industrial average gained 40.43 points, or 0.29 percent, to 14,094.92. The Standard & Poor's 500 Index added 4.01 points, or 0.26 percent, to 1,518.69. The Nasdaq Composite Index rose 9.56 points, or 0.30 percent, to 3,169.75.

For the week so far, the Dow is up 0.7 percent, the S&P 500 is up 0.2 percent and the Nasdaq is up 0.3 percent.

European shares edged lower, dragged down by weaker bank and mining stocks, and traders expected equities to stay in a tight range this month with uncertainty in the wake of Italy's inconclusive elections denting sentiment.

The pan-European FTSEurofirst 300 index closed down 0.2 percent at 1,168.64 points while the euro zone's blue-chip Euro STOXX 50 index fell 0.6 percent to 2,616.75 points.

The Nikkei closed up 0.4 percent at 11,606.38, led by gains in domestic demand-related plays, after dropping as much as 0.8 percent in the morning. For the week, the benchmark advanced 1.9 percent, the third straight weekly gain.