Midnight Trader | Oct 01, 2013 04:51PM ET
Stocks enjoyed a relief rally, Tuesday, posting moderate gains after Congressional leaders and the White House were unable to strike a budget deal before a midnight ET deadline last night, forcing a partial shutdown of the federal government as spending authority ended with the start of the new fiscal year. The three major market indices were off their best levels at the close but all ended in the black for only the third time over the past two week. All 10 sectors in the S&P 500 were winners as well, led by technology and healthcare stocks.
Economic data also lent strength to Tuesday's rally, with U.S. manufacturing activity unexpectedly picking up last month. The manufacturing purchasing managers' index increased to 56.2 in September from a 55.7 reading in August, climbing to its highest score since April 2011, according to data released Tuesday by the Institute for Supply Management.
Readings above 50 indicate expanding activity. Economists surveyed by Dow Jones Newswires were looking for a small slow-down from the prior month to a 55.0 September reading.
Commodities were mixed. Crude oil for October delivery settled 29 cents lower at $102.04 per barrel while November natural gas was up 5 cents to $3.61 per 1 million BTU. Gold tumbled $40.50 to $1,286 per ounce while December silver fekk 53 cents to settle at $21.18 per ounce. December copper slid a nickel to $3.27 per pound.
Here's Where The Markets Stood At Day's End
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