NEW YORK ( TheStreet) -- Better-than-expected manufacturing data sent mining and metal ETFs soaring on Monday.
The Institute for Supply Management said its manufacturing index in July hit 55.5 versus 56.2 in June. The reading was higher than the expected 54.2, and any reading above 50 indicates growth, sending stocks across the board higher.
Separately, HSBC's Purchasing Managers Index showed that manufacturing in China was the weakest in July in more than a year. But confidence that China's government will spend more to aid the country's growth spurred demand for commodity stocks.
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