As reported by Associated Press, U.S. stocks rose on Wednesday after solid manufacturing data from around the world.Investors have been hoping that positive manufacturing data for China and Europe mean similar growth is happening in the U.S.
That view was bolstered as the Institute for Supply Management’s manufacturing index indicated U.S. factories grew in January at the fastest pace in seven months, boosted by a rise in new orders. The trade group of purchasing managers said its manufacturing index rose last month to 54.1 from 53.1 in December. Readings above 50 indicate expansion.
In the first hour of trading, the Dow Jones industrial average rose 103 points, or 0.8 percent, to 12,736. The broader Standard & Poor’s 500 index rose 10 points, or 0.8 percent, to 1,322. The Nasdaq composite rose 14 points, or 0.5 percent, to 2,828.
Monthly hiring figures from private payroll agency ADP were so-so. ADP said private-sector employment rose by 170,000 from December to January. That was 10,000 fewer jobs than expected by analysts surveyed by FactSet. ADP also said November-to-December job growth was smaller than it previously thought — 292,000 instead of the initially reported 325,000.