Stocks creep higher ahead of manufacturing data
NEW YORK — Stocks edged higher Tuesday ahead of reports on manufacturing and housing.
The slight gains follow declines in European shares and a modest rebound in Asian markets.
After a six-month rally in stocks driven by hopes the economy was improving, investors are anxious to see further evidence of the economy’s rebound. They will be looking Tuesday to reports on manufacturing activity, home sales and construction spending, as well as sales reports from automakers.
The Institute for Supply Management, a trade group of purchasing executives, is expected to report that U.S. manufacturing expanded in August for the first time in 18 months. Economists are expecting the index will read 50.5 in August, compared with 48.9 in July. A reading above 50 indicates growth.
Meanwhile, an index that tracks pending U.S. home sales is forecast to rise in July for the sixth straight month, providing more evidence that the housing market is recovering. Construction spending, however, is expected to be flat in July after growing in June.
Many automakers are set to post strong sales results for August thanks to the government’s Cash for Clunkers program. But analysts warn that sales could show a steep drop in September and the coming months now that the program has expired.
In early trading, the Dow Jones industrial average rose 28.04, or 0.3 percent, to 9,524.32. The Standard & Poor’s 500 index rose 4.07, or 0.4 percent, to 1,024.69, while the Nasdaq composite index added 16.28, or 0.8 percent, to 2,025.34.
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