Markets find traction Friday

Oct. 4, 2013 at 5:37 PM   |   0 comments

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NEW YORK, Oct. 4 (UPI) -- Stocks on Wall Street found some traction Friday, the fourth day of a partial government shutdown over a healthcare law that is now under way.

States are signing up participants for insurance exchanges as part of the Affordable Care Act that Republicans have long sought to derail.

The latest standoff culminated in a stalemate over a budget appropriations bill that was needed to keep the federal government operating smoothly. Without the appropriations signed into law, non-essential federal services were put on furlough Tuesday.

Stocks have suffered, but they have not collapsed. The Dow Jones industrial average started the week at 15,258.24. On Friday it closed up 76.10 points on the day, a gain of 0.51 percent to 15,072.58.

The Standard & Poor's 500 added 11.84 points Friday, 0.71 percent, to 1,690.50. The S&P started the week at 1,691.75.

The Nasdaq on Friday gained 33.41 points or 0.89 percent to 3,807.75.

Missing from the scene Friday was the Labor Department's monthly employment situation report that includes key data on jobs gained and the unemployment rate. The report is one of the major economic reports released by the government each month. This month, it was a victim of the government shutdown.

On the New York Stock Exchange, 2,015 issues advanced while 1,046 declined on volume of 2.9 billion shares.

The 10-year U.S. treasury note fell 11/32 to yield 2.65 percent.

In Japan, the Nikkei 225 index gave up 132.94 points, 0.94 percent, to 14,024.31.

In Britain, the London FTSE added 0.08 percent or 4.84 points to 6,453.88.

On currency markets, the euro rose to $1.3558 and the dollar rose to 97.47 yen.

Crude oil added 34 cents or 0.33 percent to $103.65 on the New York Mercantile Exchange. On the Comex division, gold lost $6.40 to $1,311.20 per troy ounce while silver gave up 3.1 cent to $21.755.

On the Chicago Board of Trade, December corn added 4 cents to reach $4.43 1/4 a bushel, November soybeans added 6 3/4 cents to $12.95 and December wheat lost 2 1/4 cents to $6.87.

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