Stocks Rise, Lifted by Manufacturing Data

U.S. stocks advanced on Tuesday and the Dow hit its highest level since December 2007, as investors welcomed a rise in U.S. manufacturing activity and a mixed batch of corporate earnings. The Dow Jones industrial average rose 65.69 points, or 0.50%, to close at 13,279.32, the highest since December 2007. The S&P 500 added 7.91 points, or 0.57%, to 1,405.82. The tech-heavy Nasdaq increased 4.08 points, or 0.13%. to 3,050.44.

Growth among U.S. manufacturers expanded in April at the fastest pace in 10 months, according to a closely followed survey. The Institute for Supply Management said Tuesday its survey of senior executives in the manufacturing sector rose to 54.8% from 53.4% in March, the highest reading since June 2011.

Genworth Financial Inc. (NYSE:GNW) said late Tuesday its first-quarter income declined and that its chairman and chief executive, Michael Fraizer, resigned. Genworth reported a quarterly profit of $47 million, or 9 cents a share, compared with $59 million, or 12 cents a share, in the year-ago period. The firm reported operating income of 6 cents a share for the quarter. Revenue fell to $2.43 billion from $2.57 billion last year.

CBS Corp. (NYSE:CBS) said Tuesday that its first-quarter profit climbed 80%, driven by licensing fees from Netflix Inc. (NASDAQ:NFLX) and Amazon.com Inc. (NASDAQ:AMZN) , as well as increased advertising sales. The media conglomerate said it earned $363 million, or 54 cents a share, compared with a profit of $202 million, or 29 cents, in the year-ago period. Revenue rose 12% to $3.92 billion.

Motorola Mobility Holdings Inc. said Tuesday that its first-quarter net loss increased slightly, despite a 24% gain in smartphone shipments compared to the same period last year. For the quarter ended March 31, Motorola Mobility (NYSE:MMI)   reported a net loss of $86 million, or 28 cents a share, compared to a net loss of $81 million, or 27 cents a share, for the same period last year.

Crude-oil inventories rose 2.04 million barrels on the week ended April 27, a trade group said late Tuesday. Crude-oil inventories rose 2.04 million barrels on the week ended April 27, a trade group said late Tuesday.