S&P upgrades US outlook, but investors yawn

NEW YORK (AP) — The stock market is edging higher at midday as traders show only mild enthusiasm for an improving outlook for the U.S. government’s credit rating.

The Dow Jones industrial average was up nine points at 15,258 shortly before noon Eastern Daylight Time Monday.

The Standard & Poor’s 500 index was up a point at 1,645. Both indexes were moving between small gains and losses in morning trading.

The Nasdaq composite edged up eight points to 3,478.

Standard & Poor’s raised its outlook for U.S. government debt, citing stable spending levels. Two years ago the agency downgraded the government’s long-term debt rating because of fiscal gridlock in Washington.

Japan’s Nikkei jumped nearly 5 percent after first-quarter growth for the country was revised upward.

McDonald’s rose 1.5 percent after reporting higher sales.

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