Stocks withstand gov't spending cuts
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.