US futures rise despite looming budget cuts

US stock futures rise even with Washington impasse over $85 billion in automatic budget cuts

Associated Press
US futures rise despite looming budget cuts
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National Governors Association Vice Chairman Gov. Mary Fallin of Oklahoma, left, with Chairman Gov. Jack Markell of Delaware, speaks during a special session of the National Governors Association 2013 Winter Meeting in Washington, Sunday, Feb. 24, 2013. Governors Sunday roundly condemned the automatic budget cuts set to take hold this week, and hoped for a deal to stave off the $85 billion reduction in government services. (AP Photo/Manuel Balce Ceneta)

NEW YORK (AP) -- U.S. stock futures are rising even with automatic budget cuts just days away, should a political impasse in Washington not be resolved.

Dow Jones industrial futures are up 62 points to 14,043. The broader S&P futures have added 8.2 points to 1,522.80. Nasdaq futures are up 21.75 points to 2,757.50.

Leaders from both parties sought over the weekend to blame each other for $85 billion in budget cuts that will kick in Friday if no new agreement is reached, threatening everything from the nation's airlines to its schools.

Driving futures higher are strong U.S. corporate earns and buyouts.

Lowe's posted surprisingly a strong profit for the fourth quarter Monday, though its earnings outlook was weaker than expected.

And Barnes & Noble Chairman Leonard Riggio is trying to buy the company's stores and website.

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