Stocks Climb on Wall Street Amid Positive Reports

By Newsroom America Staff at 3 Jan 2012

(Newsroom America) -- Stocks on Wall Street climbed dramatically on the first day of the new year amid better-than-expected reports on manufacturing and construction.

The Dow Jones Industrial Average shot up to a five-month high following the opening bell on reports of encouraging manufacturing data from China.

The S&P 500 and Nasdaq also rallied sharply, reports said, with all 10 S&P sectors in the black, led by financials and materials.

In the U.S., the rally was led by reports of growth in the manufacturing sector, according to the Institute for Supply Management. Meanwhile, construction spending increased 1.2 percent in November, its highest level since June 2010, according to the Commerce Department.

For all of 2011, the Dow finished higher, while the S&P and Nasdaq were flat.

On the Web: Dow Jones; Nasdaq

Newsroom America Twitter Feed