Investors Unfazed by Budget Cuts

The sequestration budget cuts did not seem to deter investors as all three indexes inched higher, the Dow getting ever closer to its all time high set in Oct. 2007. Joe Bell, senior market analyst at Schaeffer’s Investment Research, says, “It’s encouraging to see the market shrug off things that could be perceived as negative.” CNNMoney reports the Dow Jones Industrial Average moved up slightly, gaining +0.27 percent, +38.16 points, to begin the week at 14,127.82. The Nasdaq moved up also, +0.39 percent, +12.29 points, to close at 3,182.03, while the S&P advanced +0.46 percent, +7.00 points, to end the day at 1,525.20. The Yahoo! Finance Manufactured Housing Composite fell -1.36 percent to close at 1452.9. Housing stocks we track closed mixed, with not a lot of change, or even. Louisiana Pacific Industries gained the most of tracked stocks, advancing +1.36 percent, +0.29, to end the day at 21.60. Nobility Homes dropped the most of stocks we track, -1.82 percent, -0.10, to close at 5.40. Affiliated Managers Group 147.03 +1.01 (+0.69%). Cavco Industries 45.97 +0.22 (+0.71%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 152,955 +205 (+0.13%). Champion, Liberty Homes, Deer Valley and Palm Harbor continued unchanged. Drew Industries 36.58 -0.49 (-1.32%). Equity LifeStyle Properties 74.65 +0.05 (+0.07%). Patrick Industries 14.11 +0.11 (+0.79%). Skyline Corp. 4.54 -0.0699 (-1.52%). Sun Communities Inc. 46.98 +0.01 (+0.02%). Third Avenue Value Fund (March 1) 52.17 -0.04 (-0.08%). Universal Forest Products, Inc. 41.65 -0.75 (-1.81%). UMH 10.11 +0.03 (+0.30%).

(Graphic credit: CNNMoney and RealTick)

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