News Column

Manufacturing Data Boosts Stocks

May 1, 2012

U.S. stocks regained some lost ground Tuesday after a closely watched manufacturing index showed business growth faster than expected.

The Institute of Supply Management said the Purchasing Management Index for April came to 54.8 percent. Economists had expected a more subdued 53 percent -- figures above 50 indicating growth.

In midmorning trading on Wall Street, the Dow Jones industrial average was added 88.32 points, 0.67 percent, to 13,301.95. The Nasdaq composite index gained 30.51 points, or 1 percent, to 3,076.87.

The Standard and Poor's 500 index tacked on 12.51 points, or 0.89 percent, to 1,410.42.

The 10-year treasury note lost 8/32 to yield 1.948 percent.

The euro fell to $1.3224 from Monday's $1.3239 while the dollar rose to 80.19 yen from Monday's 79.82 yen.

In Tokyo, the Nikkei 224 index shed 1.78 percent, 169.94, to 9,350.95 after a one-day holiday.

Source: Copyright United Press International 2012

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters