NEW YORK (
) -- 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.
Market Vectors Coal ETF
rose to a fiery finish, up 4.4% to $35.07. Its top holdings include
(CNX - Get Report)
, which gained 3.5% and
(BTU - Get Report)
, which surged 7.2% to end at $3.24.
The Market Vectors Steel ETF
firmed up by 4.1%. Top holdings include
(VALE - Get Report)
, which announced strong results on Thursday on higher iron-ore production,
(MT - Get Report)
The PowerShares DB Base Metals
, which tracks commodity prices, jumped 3.9%.
iShares S&P Global Materials ETF
rose 3.4% to end at $60.21.
Oil equipment services providers rose on hopes that surging oil prices would drive exploration and production. The
iShares Dow Jones US Oil Equipment Index
is soared 3.3%. It counts
(SLB - Get Report)
(HAL - Get Report)
among its top holdings.
iShares S&P Global Financials ETF
surged 3.4% after
posted stronger-than-expected results.
-- Reported by Shanthi Venkataraman in New York.
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