Sequestration-mageddon! Stocks rise on 1st day of Sequestration. All 3 of the major indices rose today on the first day of Sequestration. US Markets were up for the day and for the week and the Dow is less than 1% from an All-Time High. In fact the Dow closed at the 3rd Highest Level Ever!
Blue-chip stocks rose to within 75 points of their closing high, as upbeat domestic factory data outweighed a stalemate in U.S. budget talks.Read more about it here.
The Dow Jones Industrial Average added 35.17 points, or 0.3%, to 14089.66, reversing a morning loss of more than 100 points to notch its third-highest close of all time.
The Standard & Poor's 500-stock index gained 3.52 points, or 0.2%, to 1518.20. The Nasdaq Composite Index advanced 9.55 points, or 0.3%, to 3169.74.
"This continues to be a market that looks attractive," said Sandy Lincoln, chief market strategist at BMO Global Asset Management, which oversees $120 billion. "When people see any sort of correction, they seem to be anticipating a bounce and taking the opportunity to get in."