Investing.com - U.S. stocks were up on Monday as investors shrugged off concerns over Chinese monetary tightening and Greece's debt crisis, following an upbeat report on the U.S. manufacturing sector.
During early U.S. trade, the Dow Jones Industrial Average was up 0.82%, the S&P 500 index rose 0.72% and the Nasdaq Composite index was up 0.85%.
Earlier in the day, the Institute for Supply Management, a trade group of purchasing executives, said its purchasing managers' index for the the U.S. manufacturing sector rose to 60.4 during the month, up from 59.6 in March. Economists had expected March's reading to come in at 60.
U.S. stocks also rallied after euro zone nations and the International Monetary Fund agreed to provide debt-ridden Greece with a EUR 110 billion rescue package, quelling fears over euro zone sovereign debt.
Meanwhile, stock markets in Europe turned positive: France’s CAC 40 was up 0.85%; Germany's DAX rose 0.83%; and the EURO STOXX 50 was up 0.56%.
British markets were closed to mark the May bank holiday.
Also Monday, official data showed that U.S. consumer spending grew slightly slower than expected and that consumer price inflation increased faster than forecast in March.
During early U.S. trade, the Dow Jones Industrial Average was up 0.82%, the S&P 500 index rose 0.72% and the Nasdaq Composite index was up 0.85%.
Earlier in the day, the Institute for Supply Management, a trade group of purchasing executives, said its purchasing managers' index for the the U.S. manufacturing sector rose to 60.4 during the month, up from 59.6 in March. Economists had expected March's reading to come in at 60.
U.S. stocks also rallied after euro zone nations and the International Monetary Fund agreed to provide debt-ridden Greece with a EUR 110 billion rescue package, quelling fears over euro zone sovereign debt.
Meanwhile, stock markets in Europe turned positive: France’s CAC 40 was up 0.85%; Germany's DAX rose 0.83%; and the EURO STOXX 50 was up 0.56%.
British markets were closed to mark the May bank holiday.
Also Monday, official data showed that U.S. consumer spending grew slightly slower than expected and that consumer price inflation increased faster than forecast in March.