Stocks Jump on Rebound in Manufacturing (AAPL, APOL, C, EK, F, GM, IR, LVS ...

(TradersHuddle.com) – Stocks were rallying on the first day of trading of the second half of the year and ahead of the long holiday weekend, after a report showed that manufacturing unexpectedly rebounded in June.

 

The Dow Jones Industrial Average was jumping 120.71 points, or 0.97%. The S&P 500 index was adding 11.68 points, or 0.88%, while the NASDAQ was jumping 28.20 points, or 1.02%.

 

The market started near the flat line amid lackluster performance in overseas trading, as the rally sparked from Greece passing its austerity measures plan appears to have lost steam, with participants focusing on slowing manufacturing data in both China and Europe.

 

In Asia, stocks closed with modest gains. Shanghai closed in positive territory after China’s manufacturing PMI data hit a 28-month low, which tempered gains, while the Nikkei added 0.5%, despite the Tankan Survey data that was weaker than expected.

 

In Europe, shares closed higher for a fifth day, led by banks, which continued their rally after the Greek parliament passed the country’s austerity measures plan that eased concern that systemic risk will enter the banking system from a potential Greek default.

 

Stocks moved from near the neutral line to significant gains after the Institute for Supply Management said its index of national factory activity rose to 55.3 from 53.5 the month before. The reading was better than expected.

 

Stocks traded of its highs after U.S. consumer sentiment worsened in June as consumers worried amid economic uncertainty and despite falling gasoline prices. The final reading for the consumer sentiment index came in at 71.5, down from 74.3 the month before and slightly below the preliminary June figure of 71.8.

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Stocks Jump on Rebound in Manufacturing (AAPL, APOL, C, EK, F, GM, IR, LVS ...

3M (NYSE:MMM), the maker of Post-It notes and Scotch tape, was posting the biggest percentage gain in the Dow Jones Industrial Average, as shares were climbing Ingersoll-Rand (NYSE:IR), the maker of industrial air compressed systems, was jumping 2.77%




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