Markets shrug off partial government shutdown

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Associated Press

Posted on October 1, 2013 at 8:01 AM

Updated Tuesday, Oct 1 at 8:02 AM

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

The Dow Jones industrial average rose 12 points, 0.1 percent, to 15,141 points in the first few minutes of trading Tuesday.

The Standard & Poor's 500 index was up five points, or 0.3 percent, to 1,687. The S&P has lost ground seven of the past eight trading days.

The Nasdaq composite index was up 16 points, or 0.4 percent, to 3,787.

Walgreen rose $1.26, or 2.3 percent, to $55.08 after the largest U.S. drugstore chain reported that its earnings soared 86 percent.

Merck led the Dow higher after saying it would cut 8,500 jobs and move its headquarters to save costs. Merck rose $1.01, or 2 percent, to $48.61.

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