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US stocks rise on upbeat Chinese manufacturing data

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(Globalpost/GlobalPost)

US stocks Friday opened higher after better-than-expected Chinese manufacturing data boosted hopes about growth in the world's second-largest economy.

Five minutes into trade, the Dow Jones Industrial Average advanced 57.17 points (0.37 percent) to 15,602.92.

The broad-based S&P 500 picked up 4.58 (0.26 percent) at 1,761.12, while the tech-rich Nasdaq Composite Index increased 9.70 (0.25 percent) to 3,929.41.

The gains came after Chinese government data showed the October purchasing managers' index (PMI) of manufacturing output climbed to 51.4 last month from 51.1 in September, the highest reading since April 2012.

The data offered fresh evidence that China's economy is gradually emerging from a growth slowdown at the start of the year.

Analysts also were awaiting a closely watched report on US manufacturing activity from the Institute for Supply Management later in the day.

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http://www.globalpost.com/dispatch/news/afp/131101/us-stocks-rise-upbeat-chinese-manufacturing-data