• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Manufacturing data boost US stocks

May 02 2012 07:28

New York - A better-than-expected read on US manufacturing in April and encouraging construction data drove Wall Street shares higher on Tuesday as traders shrugged off some poor earnings reports.

The Dow Jones Industrial Average was up 65.92 points, at 13,279.55 at the closing bell.

The broad-based S&P 500 index gained 7.97 to 1,405.88, while the tech-heavy Nasdaq gained 4.08 to 3,050.44.

The market got its charge from the Institute for Supply Management's manufacturing index, which registered a solid jump for April, rising to 54.8% from 53.4% in March. Analysts had expected a fall.

In addition, a reading on construction spending in March also held positive signs - it showed strength in private-sector building even though the overall data was being held back by government spending cutbacks.

"It's a relief to see some better US economic data, particularly after the spate of negative news lately," said Jennifer Lee at BMO Capital Markets.

manufacturing data  |  wall street  |  markets  |  us economy


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote