Stocks Begin Higher after China Data

U.S. stocks rose at the open on Monday after Chinese data pointed to expansion in manufacturing activity in the world’s second-largest economy. The Dow Jones industrial average lately rose 28.41 points, or 0.22 percent, to 13,053.99. The S&P 500 index added 4.34 points, or 0.31%, to 1,420.52. The Nasdaq Composite gained 12.46 points, or 0.41%, to 3,022.70.

China’s economy picked up in November but a broader global recovery remains fragile and patchy, a clutch of factory surveys suggested on Monday.

Chrysler says its U.S. sales rose 14 percent last month — its best November since 2007. Chrysler predicts an annual sales rate of 15.3 million for the industry in November, making it the strongest month of the year. Auto sales ran at an annual rate of about 14.3 million through October.

Swiss bank UBS AG is expected to pay more than $450 million to U.S. and British authorities to settle claims some of its employees submitted false Libor rates, the New York Times reported.

Greece said it would spend 10 billion euros to buy back bonds at a price range that topped market expectations, boosting hopes it can cut its ballooning debt and unlock long-delayed aid.

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