Stocks Rise on Manufacturing Surprise

U.S. stocks rise sharply after a report shows U.S. manufacturing expanded at a more rapid pace for April. The Dow Jones Industrial Average lately rose 106.98 points, or 0.81%, to 13,320.61 in midday trading on Tuesday. The Standard & Poor’s 500-stock index tacked on 14.76 points, or 1.06%, to 1,412.67, and the Nasdaq Composite gained 28.77 points, or 0.94%, to 3,075.13.

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.