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Markets find traction

NEW YORK, March 11 (UPI) — U.S. markets rose after a slow start Monday following a week in which the Dow Jones industrial average set multiple records for closing highs.

The index wobbled out of the gate Monday following record closing highs set Tuesday, Wednesday, Thursday and Friday. Investors apparently shrugged off fears of the sequester, the $85 billion in automatic spending cuts spelled out in the Budget Control Act of 2011.

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

In early afternoon trading Monday, the Dow Jones industrial average added 36.62 points or 0.25 percent to 14,433.69.

The Standard and Poor’s 500 index gained 3.22 points or 0.21 percent to 1,554.40. The Nasdaq composite added 1.20 points or 0.04 percent to 3,245.57.

The 10-year U.S. treasury bonds were off 5/32, yielding 2.063 percent.

Against the dollar, the euro rose to $1.3029 from Friday’s $1.2986. Against the yen, the dollar was higher at 96.3 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.

In London, the FTSE 100 index added 0.31 percent, 20.05 points, to 6,503.63.

Copyright 2013 United Press International, Inc. (UPI).

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