Stock markets showed good sings on the first trading day of March on Friday, with the Dow close to hitting a record closing high, as surprisingly good numbers from ISM manufacturing report countered fears over China and Europe and as shareholders welcomed the forthcoming government spending cuts.

Since 1950, the first months of spring, March and April have been solid months for the Dow, with regular gains better than one per cent. Interestingly, particularly April has been the year’s best month, recording an average upsurge of 2.7 per cent per month since 1993 and 1.97 per cent since 1950.