U.S. stocks opened positive on Monday, pushing major indexes up 1 percent as investor’s cheered fresh data pointed to signs of economic stabilization.
Market sentiment was underpinned by reassuring bank results from Europe, and the S&P 500 flirted with the key 1,000 level. Earlier it rose as high as 999.65, a nine-month high
The Institute for Supply Management reported its gauge of manufacturing activity rose to 48.9 in July from 44.8 in June. Economists had expected a reading of 46.5. A measure of new orders jumped to 55.3, an encouraging indication of future activity as anything over 50 indicates expansion.
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