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U.S. stocks climbed amid signs that manufacturing output is increasing from China to Australia and America.
Manufacturing across the globe showed improvement in December, suggesting production is weathering strains from Europe’s debt crisis. In the U.S., a report showed factory output grew at the fastest pace in six months. Australian manufacturing expanded for the first time in six months, while similar Chinese and German (PMITMGE) data beat economist estimates in the past two days. Another report showed construction spending in the U.S. rose in November for a third time in four months.
Dow 12,420.77 +203.21 +1.66%, Nasdaq 2,649.24 +44.09 +1.69%, S&P 500 1,278.90 +21.30 +1.69%
Bank of America Corp. (BAC) rallied 4.7 percent and JPMorgan Chase & Co. (JPM) gained 4.5 percent as America’s two largest banks led financial shares higher.
Boeing Co. (BA) advanced 1.5 percent after retaining a contract.
Chevron Corp. (CVX) and ConocoPhillips increased at least 2.4 percent as the price of oil climbed.
Cisco Systems Inc. (CSCO) surged 4.6 percent after JPMorgan recommended investors buy the shares.
Base metal producers gained as copper, aluminum, zinc and tin rose on speculation stronger gauges of manufacturing may signal increased demand for industrial metals. U.S. Steel Corp. advanced 5.4 percent. Alcoa Inc. (AA) gained 3.5 percent. Freeport-McMoRan Copper & Gold Inc. rose 4.9 percent.
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