Stocks climb on manufacturing reports, rising oil
NEW YORK (AP) – The stock market is jumping on the first trading day of the year following reports of stronger manufacturing activity around the world as well as a rise in oil prices.
A U.S. trade group says Monday that manufacturing activity expanded faster than expected in December, while China’s manufacturing industry expanded last month at the fastest rate in 20 months.
A weakening dollar is boosting commodities prices. A drop in the dollar makes commodities cheaper for overseas buyers. A gain in oil prices is lifting energy stocks.
At midday, the Dow Jones industrial average is up 166, or 1.6 percent, at 10,594. The broader Standard & Poor’s 500 index is up 19 at 1,134, and the Nasdaq composite index is up 41 at 2,310.