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US stocks rise, breaking a three-day slump

STEVE ROTHWELLAP Markets Writer Published: January 7, 2014 10:44 AM
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NEW YORK (AP) -- U.S. stock futures are rising Tuesday after the Standard & Poor's 500 index fell for the first three trading days of the New Year.

KEEPING SCORE: The Standard & Poor's 500 index rose 10 points, or 0.7 percent, to 1,837 in early trading. The Dow Jones industrial average climbed 117 points, or 0.6 percent, to 16,543. The Nasdaq composite gained 30 points, or 0.7 percent, to 4,144.

LEADING SECTORS: Nine of the 10 industry groups in the S&P 500 rose. Health care stocks were the biggest gainers, advancing 1 percent. Makers of non-essential consumer goods rose 0.6 percent.

JANUARY STATS: The S&P 500's start to 2014 was the worst opening to a year since 2005. The last time the index closed lower for four straight days to begin a year was 1978, according to S&P Capital IQ. Even though the market ended up in both those years, a weak January is typically a harbinger of a weak year for the stock market. The performance of stocks in January has predicted the trend for 62 of the last 85 years.

The S&P 500 is 0.6 percent lower for the month.

SHRINKING DEFICIT: The U.S. trade deficit fell in November to its lowest level in four years, an encouraging sign for the economy. Gains in energy production and stronger sales of American-made airplanes, autos and machinery lifted exports to an all-time high, the Commerce Department said Tuesday.

TREASURYS AND COMMODITIES: The yield on the 10-year Treasury note was little changed at 2.96 percent from Monday. The price of oil rose 17 cents, or 0.2 percent, to $93.61 a barrel. Gold fell $9.70, or 0.8 percent, to $1,227.90 an ounce.

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