Stocks end higher as investors await election

• Stocks fell last week despite host of upbeat economic news, including Oct. jobs report
• Wall Street quiet as investors await election day voting
• Markets in Asia and Europe mostly lower on first day of trading week

NEW YORK (AP) — Renewed concerns over Greece added fresh uncertainty in markets on Monday, though key stock indexes climbed a day ahead of a nail-biting U.S. presidential election.

The Dow Jones industrial average finished the day up 0.1%, or 19 points, and the Standard & Poor's 500 index gained 0.2%, a 3 point climb.

The tech-laden Nasdaq composite index ended up about 0.6%, or 17.5 points, boosted by reports that Apple has already sold more than 3 million iPad minis. It settled within 0.4 points of the 3,000 threshhold.

For the past couple of weeks, developments in the U.S. have been driving the markets. As well as monitoring the battle for the White House, investors have had to contend with Superstorm Sandy, which battered the East Coast and brought trading on Wall Street to a halt for two days.

Tuesday's election appears to be going down to the wire, though most opinion polls indicate that President Barack Obama may have the edge over Mitt Romney in the crucial swing states.

"Probably the worst case for financial markets would be an indecisive election requiring a recount that could drag on for weeks," said Sal Guatieri, an analyst at BMO Capital Markets.

STORY:A post-election rally is in the cards

Investors seemed to shrug off a Monday report showing service firms grew slightly slower in October than the month before. A monthly index of a survey from purchasing managers nationwide showed to 54.2 from 55.1 a month earlier. Economists had expected a 54.5 index reading.

However, an employment component of the Institute for Supply Management's index showed that hiring picked up last month, bolstering other recent reports of an improved jobs market. About 90% of the workforce is considered to be working in the service sector, including everything from banking to construction and nursing to waiting tables.

The Dow fell 139 points on Friday, even after a government report showed relatively solid job growth in October. The Dow was flat for the trading week, which was shortened by two days because of Superstorm Sandy. It was the first time, stock exchanges in the U.S. had been closed two straight days due to weather since a crippling blizzard in New York City in 1888.

In overseas trading, stocks were mostly lower Monday. In Europe, the FTSE 100 index of leading British shares closed down 0.5% to 5,839.06 while Germany's DAX 30 index finished down 0.5% at 7,326.47. The CAC-40 in France ended 1.3% lower at 3,448.50, but it was Spanish shares that performed worst, with the IBEX index in Madrid down 1.9% at 7,818.60 for the day.

Investors in Europe were digesting warnings from the prime minister of Greece that the nation may be forced to abandon the euro unless another round of harsh austerity measures is approved to qualify for more bailout funding. Greek unions are on strike the next three days, bringing many businesses and transportation systems to a halt.

Though the outcome of the U.S. election will have an impact on the global economy for years to come, it could be developments in Greece that have a larger bearing on financial markets in the last months of the year.

Two votes in Parliament this week could determine if the cash-strapped country stays in the euro. On Wednesday, Greek lawmakers are expected to vote on a €13.5 billion ($17.3 billion) austerity package that is required by international creditors for the release of the next batch of the country's bailout funds. Without the cash, Greece faces bankruptcy.

If, and when, the package of spending cuts and tax increases is passed, lawmakers will have to approve the 2013 budget. That vote is penciled in for Sunday.

The prevailing view in the markets is that both votes will get passed but the margin of error is slim, given that a junior partner in the wobbly coalition government has said it will vote against the austerity bill if certain labor reforms are not extracted.

"Political fractiousness in the Greek coalition government raises the risk of disorderly outcomes," said Neil MacKinnon, global macro strategist at VTB Capital.

Worries over Greece have increasingly weighed on the euro over the past few days. Europe's single currency was down 0.3% Monday to $1.2792.

Earlier in Asia, Japan's Nikkei 225 index fell 0.5% to close at 9,007.44. Hong Kong's Hang Seng lost 0.5% to 22,006.40. South Korea's Kospi shed 0.6% to 1,908.22.

Mainland Chinese shares lost ground after four straight days of gains. The Shanghai Composite Index lost 0.1% to 2,114.03 and the Shenzhen Composite Index lost 0.5% to 858.60.

A key political event also takes place this week in China, the world's No. 2 economy. Thursday marks the opening of the Communist Party congress — the once-in-a-decade forum used to name China's top leadership.

In commodity markets, the price of crude oil fluctuated around $85 a barrel as investors remained cautious ahead of the U.S. election. The benchmark oil contract for December delivery closed up 52 cents to $85.38 per barrel in electronic trading on the New York Mercantile Exchange.

Gold prices, which have been hovering near nine-week lows, ended the day up 0.5% to $1,682.20.