You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Stocks close higher despite looming budget cuts

Continue reading below

An encouraging manufacturing report nudged stocks higher, even as a deadline to avoid sweeping US spending cuts loomed. The Institute for Supply Management said its index reached 54.2, up from January’s of 53.1. Any reading above 50 signals growth. President Obama met with congressional leaders in a bid to avert the $85 billion in spending cuts that were set to kick in Friday. Some analysts said any sort of deal could drive up the market next week. Oil and gas companies fell as the price of crude sank to its lowest level of the year. Halliburton and Peabody Energy were among the biggest losers. Crude fell below $91 a barrel.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
or
Please enter a valid email
BostonGlobe.com will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com