U.S. stocks gain on advancing factory data; Dow rises 0.45%
Published Nov 01, 2013 04:26PM ET
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.45%, the S&P 500 index rose 0.29%, while the Nasdaq Composite index rose 0.06%.
The Institute of Supply Management's U.S. Manufacturing Purchasing Managers Index rose to 56.4 in October from 56.2 in September, defying expectations for a decline to 55.0.
The report came a day after data showed that manufacturing activity in the Chicago region expanded at the fastest rate in 30 years in October, while a separate report showed that U.S. initial jobless claims fell in line with expectations last week.
The data fueled hopes for a more sustained U.S. economic recovery, boosting stock prices in the process.
News of a shooting at the Los Angeles International Airport failed to rattle Wall Street, which applauded earnings as well as Boeing's announced plans to hike production of its 737 jets to 47 a month from 38 by 2017.
Capping gains, however, were concerns that the Federal Reserve is moving closer to winding down its USD85 billion in monthly bond purchases, which aim to stimulate the economy by driving down borrowing costs, boosting stock prices as a side effect.
Leading Dow Jones Industrial Average performers included Boeing, up 1.93%, JPMorgan Chase, also up 1.93%, and General Electric, up 1.59%.
The Dow Jones Industrial Average's worst performers included Chevron, down 1.60%, Home Depot, down 1.13%, and Intel, down 0.59%.
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.57%, France's CAC 40 fell 0.62%, while Germany's DAX 30 fell 0.29%. Meanwhile, in the U.K. the FTSE 100 finished up 0.05%.
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Written By: Investing.com
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