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.
Market Vectors Coal ETF (KOL) rose to a fiery finish, up 4.4% to $35.07. Its top holdings include Consol Energy (CNX - Get Report), which gained 3.5% and Peabody Energy (BTU - Get Report), which surged 7.2% to end at $3.24.The Market Vectors Steel ETF (SLX)firmed up by 4.1%. Top holdings include Vale (VALE - Get Report), which announced strong results on Thursday on higher iron-ore production, Rio Tinto (RTP) and Arcelor Mittal (MT - Get Report). The PowerShares DB Base Metals (DBB), which tracks commodity prices, jumped 3.9%. The iShares S&P Global Materials ETF (MXI) 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 (IEZ) is soared 3.3%. It counts Schlumberger (SLB - Get Report) and Halliburton (HAL - Get Report) among its top holdings. The iShares S&P Global Financials ETF (IXG) surged 3.4% after HSBC (HBC) and BNP Paribas posted stronger-than-expected results. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.