News Column

Markets Close Higher Despite Washington Shutdown

October 1, 2013

UPI Business News

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Stocks on Wall Street turned higher Tuesday as investors shrugged off the partial government shutdown caused by gridlock in Washington.

Government reports are expected to be spotty until lawmakers strike a deal that would restore funding to non-essential services. An understaffed Commerce Department did not release a report on construction spending in August Tuesday.

Markit Economics, a private firm, released its manufacturing indexes for Britain and the eurozone, which showed the recent expansion trend continued in September.

In the United States, the Institute of Supply Management said domestic manufacturing expanded in September at a slightly faster pace than August.

At the close of markets, the Dow Jones industrial average added 62.03 points or 0.41 percent to 15,191.70. The Standard & Poor's 500 closed with a gain of 13.45 points or 0.8 percent to 1,695. The Nasdaq rose 1.23 percent, adding 46.50 points to 3,817.98.

On the New York Stock Exchange, 2,194 issues advanced while 850 declined on volume of 3.2 billion shares.

The 10-year U.S. treasury note fell 12/32 to yield 2.655 percent.

Foreign markets set the tone before U.S. markets opened. The Japanese Nikkei 225 added 28.92 points or 0.2 percent to 14,484.72. In China, the Shanghai composite index gained 0.68 percent or 14.64 points to 2,174.66.

In Europe, the London FTSE was flat, losing 0.03 percent or 2.21 points to 6,460.01, while the German DAX added 94.74 or 1.1 percent to 8,689.14 and the French CAC was up 1.28 percent, gaining 53.16 points, to 4,196.60.

On currency markets, the euro was unchanged at $1.3527 and the dollar rose to 98 yen.

Crude oil lost 73 cents to $101.59 on the New York Mercantile Exchange. On the Comex division, gold gave up $39.70 or 2.98 percent to $1,287.40 per troy ounce while silver lost 52.8 cents to $21.18.

On the Chicago Board of Trade, December corn lost 2 1/2 cents to $4.39 a bushel, November soybeans gave up 14 3/4 cents to $12.68, and December wheat added 5 cents to $6.83 1/2.

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Original headline: Markets higher Tuesday despite Washington


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