Dow at 12,395.
NEW YORK (AP) — The stock market edged higher in early trading
Friday, a day after another big earthquake in Japan sent indexes
lower.
Investors will be watching Washington, where Republicans and
Democrats are in the final day of talks to reach a budget agreement
that would prevent a government shutdown. A shutdown will close
non-essential government services, including the publication of
most economic reports.
The Dow Jones industrial average gained 11 points, or 0.1 percent,
to 12,420 in morning trading. The S&P 500 rose 3 points, or 0.2
percent, to 1,336. The Nasdaq composite added 3, or 0.2 percent, to
2,798.
Gains were spread across the market. Technology companies were the
only member of the 10 company groups that make up the S&P index
to fall.
Oil futures were nearly 1 percent to $111.14. Over the past two
months, stocks have fallen following large jumps in oil prices as
investors worried that higher transportation costs would cut into
company margins and consumer spending.
Todd Salamone, director of research at Schaeffer’s Investment
Research, said that stocks tend to rise along with oil prices over
the long term. “The recent breakdown in the pattern has largely
been due to fears of supply shocks,” he said. “But the oil rally
could also be attributed to a stronger world economy.”
