U.S. stocks gained on March 1, as strong economic data helped buoy investor sentiment amid concerns about the federal spending cuts that were implemented on that day.
The blue-chip S&P 500 Index was up 0.3 percent for the day at 1,518.61 at 1:23 p.m. in New York, according to Bloomberg. The trading volume for companies contained in the group of stocks was around the 30-day average for this point in the session.
The media outlet reports that the Dow Jones Industrial Average was up 0.3 percent at 14,095.53 during this time of the day. The group of 30 stocks appreciated to a level less than 16 points below its record high on the day before, according to USA Today.
The U.S. manufacturing industry grew at a faster rate in February than it did in January, as the sector index provided by the Institute for Supply Management rose to 54.2 from 53.1 before. The figure surpassed the median forecast of 52.5 provided by a Bloomberg survey.
USA Today reports that the expenditure of the U.S. federal government has drawn significant scrutiny from global investors, and many are concerned that it could undermine economic growth.
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