3 am: 50°FPartly Cloudy

5 am: 47°FMostly Clear

7 am: 46°FSunny

9 am: 55°FSunny

More Weather

Stocks withstand gov't spending cuts

Mar. 02, 2013 @ 12:24 AM

NEW YORK -- An encouraging manufacturing report nudged the stock market higher Friday, giving it a slight gain for the week, even as a deadline for avoiding sweeping government spending cuts loomed.

The Dow Jones industrial average rose 35.17 points, or 0.3 percent, to close at 14,089.66.

It was down as much as 117 points in early trading but recovered following news that U.S. manufacturing expanded in February at the fastest pace since June 2011. The Institute for Supply Management said its manufacturing index reached 54.2, up from January's reading of 53.1. Any reading above 50 signals growth.

In other Friday trading, the Standard & Poor's 500 index rose 3.52 points, or 0.2 percent, to 1,518.20. The Nasdaq composite gained 9.55 points, 0.3 percent, to 3,169.74.

All three indexes ended higher for the week: The Dow rose 0.6 percent, the S&P 500 and Nasdaq each rose about 0.2 percent.

(u'addcomment', u'nobuy')

Comments

The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.