US futures rise despite looming budget cuts

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Associated Press

Posted on February 25, 2013 at 8:01 AM

Updated Monday, Feb 25 at 9:03 AM

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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