Investors looking sequester impact...Business economists favor cuts, not sequester

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Associated Press

Posted on March 4, 2013 at 7:02 AM

NEW YORK (AP) — Investors are starting the new trading week with high hopes the stock market will advance further after managing a slight gain last week. An encouraging manufacturing report nudged the market higher Friday. The Dow Jones industrial average rose 35 points, or 0.3 percent, to close at 14,089. The S&P 500 index rose 3 1/2 points and The Nasdaq gained 9 1/2 points. Wall street appears headed for a lower open this morning.

BANGKOK (AP) — Uncertainty about the outcome of a budget battle in Washington pushed international stock markets lower today. Chinese shares dove amid moves to cool high housing prices. Benchmark crude oil fell and was below $91 per barrel. The dollar rose against the euro and fell against the yen.

WASHINGTON (AP) — A new survey out today from the National Association for Business Economics gives some support to both sides in the U.S. government budget debate. Most business economists opposed the automatic spending cuts that took effect Friday night. But they overwhelmingly support efforts to reduce the deficit over the next 10 years.

WASHINGTON (AP) — There are no major economic reports coming out today. But Tuesday, the Institute for Supply Management releases its service sector index for February. And on Wednesday, the Commerce Department reports on factory orders for January and the Federal Reserve releases its Beige Book.

WASHINGTON (AP) — A senior administration official says President Barack Obama will nominate Walmart's Sylvia Mathews Burwell as his next budget director today. She served as OMB's deputy director in the Clinton administration and chief of staff to former Treasury Secretary Robert Rubin. Burwell currently runs the Walmart Foundation, the retail giant's philanthropic wing.

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