News Column

Markets Trip Early

March 11, 2013
bear market

U.S. markets tripped early Monday after a week in which the Dow Jones industrial average set multiple records for closing highs.

The Dow set closing highs Tuesday, Wednesday, Thursday and Friday last week, as investors shrugged off fears of the sequester, the $85 billion in automatic spending cut spelled out in the Budget Control Act of 2011.

The spending cuts became law on March 1. Since then, the DJIA has added 324.58 points or 2.3 percent.

In midmorning trading Monday, the Dow Jones industrial average lost 0.89 points or 0.01 percent to 14,396.18.

The Standard and Poor's 500 index shed 1.87 points, or 0.12 percent, to 1,549.31. The Nasdaq composite gave up 5.92 points, or 0.18 percent, to 3,238.45.

The 10-year U.S. treasury note fell 2/32 to yield 2.053 percent.

Against the dollar, the euro rose to $1.2994 from Friday's $1.2986. Against the yen, the dollar was higher at 96.16 yen from 95.98 yen.

In Tokyo, the Nikkei 225 rose 0.53 percent on a gain of 65.43 points, to 12,349.05.

Source: Copyright United Press International 2013

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