Surprisingly good manufacturing data for both the U.S. and Asia sent stocks bounding upward Tuesday, starting Sept. off with a bang.
The ratio of winning securities to losers for the day was about six-to-one. The flipside: treasury prices fell and interest rates increased slightly.
Much of the rally was ignited by a report from the Institute of Supply Side Management, which indicated that U.S. manufacturing activity heated up in August. Analysts had expected a slight cooling down.
General Electric and Eaton were two of the manufacturers who showed positive momentum in August.
Chinese manufacturing also contradicted analysts expectations, increasing in the past month.
By the close of trading on Tuesday, the Dow jumped about 255 points, erasing some of the red ink that was prevalent for much of August.
The Dow climbed to 10269.47 for the day, accompanied by a run to 2176.84 by the Nasdaq exchange and 1080.29 by the S&P 500.
