By Adam Haigh and Ksenia Galouchko - Jan 3, 2012 9:31 PM GMT+0700
U.S. stocks climbed, sending the Standard & Poor’s 500 Index higher on its first trading day of the year, amid signs that manufacturing output is increasing from China to Australia and America.
The S&P 500 (SPX) rose 1.2 percent to 1,272.36 as of 9:31 a.m. New York time.
“You’re starting to see people want to take more risks,” Frank Ingarra, who helps manages the Can Slim Select Growth Fund at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said in a telephone interview. His firm oversees $1.4 billion. “They’re getting positioned to start the year off with a positive step.”
The S&P 500 rallied 14 percent from last year’s lowest level on Oct. 3 through Dec. 30 as better-than-estimated economic data fueled optimism the world’s largest economy can shrug off concern over Europe’s sovereign-debt crisis. The gauge still recorded its first annual decline since 2008 last year.
The S&P 500 had the 10th best performance among the world’s stock markets in 2011. The gauge posted a loss of 4/100ths of a point, closing at 1,257.6.
Australian manufacturing expanded for the first time in six months, an industry survey showed today, adding to evidence the global economy is strengthening after Chinese and German (PMITMGE) factory-output reports beat economist estimates in the past two days. Data today may show a U.S. manufacturing gauge climbed to a six-month high in December, according to a survey of economists’ forecasts compiled by Bloomberg.
To contact the reporters on this story: Adam Haigh in London at ahaigh1@bloomberg.net; Ksenia Galouchko in New York at kgalouchko1@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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