Strong manufacturing report boosts stock market
BY Wire reports
Saturday, March 02, 2013
3/02/13 at 5:17 AM
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.
U.S. manufacturing expanded in February at the fastest pace since June 2011, the Institute for Supply Management said, reporting that its manufacturing index reached 54.2, up from January's reading of 53.1. Any reading above 50 signals growth.
Also on Wall Street, 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 gained this week: The Dow rose 0.6 percent, and the S&P 500 and Nasdaq each rose about 0.2 percent.