U.S. stock markets swung higher Monday morning on stronger-than-expected manufacturing data and lighter-than-expected bad news from Europe.
The Institute of Supply Management said the Purchasing Managers Index for U.S. firms came to 51.5 percent for September, above the break-even point of 50 percent. The consensus forecast called for further contraction in manufacturing with a prediction of 49.7 percent, near the 49.6 percent index reading in August.
In Spain during the weekend, a stress test of the nation's 14 largest banks found only seven required government assistance. This reduced an expected $130 billion loan for Spain to about $60 billion.
On Wall Street in midmorning trading, the Dow Jones industrial average added 149.82 points or 1.11 percent to 13,586.95. The Nasdaq composite index added 22.10 points or 0.71 percent to 3,138.33. The Standard & Poor's 500 index added 13.98 points or 0.97 percent to 1,454.65..
The benchmark 10-year treasury note fell 2/32 to yield 1.646 percent.
The euro rose to $1.2908 from Friday's $1.2859. Against the yen, the dollar rose to 78.09 yen from 77.93 yen.
In Tokyo, the Nikkei 225 index shed 0.83 percent, 73.65, to 8,796.51.
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