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US stocks end higher on manufacturing data, car sales

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(Globalpost/GlobalPost)

US stocks Friday closed higher following solid US and Chinese manufacturing data and good US car sales.

At the closing bell, the Dow Jones Industrial Average rose 69.80 (0.45 percent) to 15,615.55.

The broad-based S&P 500 tacked on 5.10 (0.29 percent) at 1,761.64, while the tech-rich Nasdaq Composite Index nudged 2.33 (0.06 percent) higher to 3,922.04.

The gains came after China's official October purchasing managers' index (PMI) of manufacturing activity climbed to 51.4 last month from 51.1 in September, the highest reading since April 2012.

Stocks were also helped by the gain in the US manufacturing PMI for October from the Institute of Supply Management to 56.4 percent from 56.2 percent in September. Analysts expected the index to decline to 55.0.

October auto sales from the three-largest US auto-manufacturers, Chrysler, Ford and General Motors, posted double-digit percentage gains.

"We're seeing some economic growth. It's slow, but it is going in the right direction," said Anthony Conroy, head of global trading trader at BNY Convergex Group.

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http://www.globalpost.com/dispatch/news/afp/131101/us-stocks-end-higher-manufacturing-data-car-sales