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Markets shrug off partial US government shutdown

October 1, 2013

NEW YORK (AP) — The stock market is moving higher as investors shrug off a partial shutdown of the U.S. government.

A big increase in manufacturing last month also encouraged investors.

The Dow Jones industrial average was up 71 points, or 0.5 percent, to 15,200 as of noon Tuesday.

The Standard & Poor’s 500 index rose 13 points, or 0.8 percent, to 1,695. The S&P lost ground seven of the past eight trading days.

The Nasdaq composite rose 39 points, or 1 percent, to 3,810.

Merck led the Dow higher after saying it would cut 8,500 jobs and move its headquarters to save costs. Merck rose $1.13, or 2 percent, to $48.74.

Walgreen rose $2.28, or 4.3 percent, to $56.13 after the largest U.S. drugstore chain reported that its earnings soared 86 percent.

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