Market up for third week as late-comers jump in

Late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week, despite growing signals of an overheating market.

The Dow Jones industrial average gained 73.11 points, or 0.59 percent, to 12,391.25. The Standard & Poor's 500 Index added 2.58 points, or 0.19 percent, to 1,343.01. The Nasdaq Composite Index edged up 2.37 points, or 0.08 percent, to 2,833.95.

European shares ended flat near 29-month highs, with mining stocks among the top fallers after China once again tightened monetary policy in an attempt to rein in inflation.

A report citing European Central Bank policymaker Lorenzo Bini Smaghi repeating its readiness to raise interest rates if needed also weighed and the FTSEurofirst 300 ended down 0.01 percent at 1,187.03 points.

Japan's Nikkei stock average ended marginally higher to extend gains into a fifth day, with investors reluctant to actively buy stocks ahead of a Group of 20 meeting and a long weekend in the United States.

Market watchers said worries over unrest in the Middle East also limited gains in the Nikkei, which closed up 0.1 percent. It has rallied 6 percent so far this year, making it the best-performing Asian market.

The Nikkei rose 6.16 points to 10,842.80, gaining for a fifth day to mark the longest winning streak since June. The broader Topix index finished 0.1 percent lower at 973.60, with declining shares outnumbering gainers 835 to 673.