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News Summary: Stocks climb despite budget cuts

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The Associated Press | March 1, 2013 05:24 PM EST | AP


NUDGED: An encouraging manufacturing report helped turn the stock market higher Friday, reversing a morning drop. That gave it a slight gain for the week, even as a deadline for avoiding sweeping government spending cuts loomed.

OIL DROP: Oil and gas companies fell as crude oil prices sank to a low for the year. Halliburton and Peabody Energy were among the biggest losers in the S&P 500.

FINAL SCORE: The Dow Jones industrial average rose 35.17 points, or 0.3 percent, to close at 14,089.66. The Standard & Poor's 500 index rose 3.52 points, or 0.2 percent, to 1,518.20.