This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Markets Buoyed By US Data Ahead Of Payrolls Report

By KELVIN CHAN

HONG KONG (AP) â¿¿ Asian stocks advanced Friday after a report that U.S. manufacturing activity jumped last month, raising hopes of a rebound in industrial production that would bolster growth in the world's biggest economy.

Investors were pleased after the Institute for Supply Management's purchasing managers' index rose much higher than expected in July. They were also optimistic ahead of key U.S. data releases expected later Friday that they hoped would add further evidence of a strengthening U.S. recovery.

"Holy smokes," economists at Singapore's DBS Bank wrote in a research note. They noted that the report comes after other recent upbeat U.S. data, including second-quarter growth that was better than expected and a surge in durable goods orders.

"Payrolls and the unemployment rate are on tap today. If these green shoots â¿¿ or rocket ships in the case of the ISM â¿¿ spill over to the labor market, there's going to be a party at the Fed. And on Pennsylvania Avenue. Wall Street."

Japan's Nikkei 225 index rose 1.4 percent to 14,203.02. Hong Kong's Hang Seng added 0.5 percent to 22,201.85 while in mainland China, the Shanghai Composite Index rose 0.8 percent to 2,046.59.

South Korea's Kospi was up 0.4 percent to 1,928.76 and Australia's S&P/ASX 200 climbed 0.9 percent to 5,105.60.

On Thursday, the Dow Jones industrial average rose 0.8 percent to close at 15,628.02. The broader Standard & Poor's 500 index gained 1.3 percent to 1,706.87 while the Nasdaq composite index rose 1.4 percent to 3,675.74.

Benchmark crude for August delivery was up 72 cents to $108.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.86 to close at $107.89 a barrel on the Nymex on Thursday.

In currencies, the euro rose to $1.3215 from $1.3206 late Thursday. The dollar fell to 99.42 Japanese yen from 99.49 yen.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs