Stocks rise, aided by strong manufacturing data11:31 am | November 1, 2013
NEW YORK (AP) — The stock market rose Friday, the first day of November, after traders got a report that U.S. manufacturing expanded last month.
The Dow Jones industrial average was up 43 points, or 0.3 percent, to 15,591 in the first hour of trading.
The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 1,759. The Nasdaq composite was up a point at 3,920.
The Institute for Supply Management reported that its manufacturing index increased to 56.4 from 56.2 in September. That was better than the 55.1 figure economists were expecting, according financial data provider FactSet.
The improvement came during what could have been a difficult month for the U.S. economy, with a partial government shutdown that lasted 16 days and a narrowly averted default on the U.S. government’s debt, which could have rattled financial markets.
The stock market had a strong October. The S&P 500 closed at a record high seven times during the month, most recently on Tuesday. It ended October with a gain of 4.5 percent.
In the bond market, the yield on the 10-year Treasury note rose to 2.60 percent from 2.56 percent.
Among stocks making big moves news:
— Chevron fell $2.72, or 2.4 percent, to $117.22. The world’s second-largest publicly-traded oil company said its third-quarter income fell 6 percent, missing analysts’ estimates, due to weakness in the company’s refining business.
— The Container Store doubled on its first day of trading on the New York Stock Exchange. The company raised $225 million in its initial public offering, pricing 12.5 million shares at $18 each. The stock soared $17.05 to $35.05.
— First Solar jumped $7.55, or 15 percent, to $57.91. The solar panel maker said it had an adjusted profit of $2.28 per share for the third quarter, blowing past analysts’ estimates of $1.13 per share, according FactSet.