Stocks higher on better manufacturing report
NEW YORK- A strong manufacturing report is pushing stocks higher. The Dow Jones industrial average is on track to close at its highest level in more than four years.
U.S. manufacturing expanded last month at the fastest pace since last June, according to the Institute for Supply Management. Orders, hiring and production all rose.
The manufacturing report jolted stock indexes out of a morning stupor. The Dow is up 101 points to 13,315 shortly before noon. That puts the average on course for its highest close since Dec. 28, 2007.
In a separate report, the Commerce Department said construction spending ticked up in March, following two months of declines.
The Standard & Poor's 500 index rose 14 points to 1,412. The Nasdaq composite climbed 33 points to 3,081.