US Manufacturing Expands At Faster Pace In October [View all]
Source: Associated Press
WASHINGTON — WASHINGTON (AP) - U.S. manufacturing expanded for the second straight month in October, boosted by growth in new orders and production.
The Institute for Supply Management says its index of factory activity rose last month to 51.7, up from September's reading of 51.5. A reading above 50 indicates expansion.
The ISM is trade group of purchasing managers. Previous surveys showed manufacturing contracted from June through August.
Stocks jumped after the release of the October report, along with another showing consumer confidence surged last month to the highest level in nearly five years. The Dow Jones industrial average, which had already risen about 70 points after the opening bell, was up 139 points in morning trading.