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Monday, January 4, 2010

Stocks advance as improving manufacturing reports, rising oil boost hopes for economic rebound

*I expect these gangsters to drive this market up to 11,000 into the 1Q. So I would hang on to any long positions and sell into the results.
Stocks climb on manufacturing reports, rising oil
NEW YORK (AP) -- The stock market jumped on the first trading day of the year following reports of stronger manufacturing activity around the world as well as a rise in oil prices.
A U.S. trade group said manufacturing activity expanded faster than expected in December. The Institute for Supply Management's index of manufacturing activity rose to 55.9 from 53.6 in November, more than analysts had expected.
Overseas markets were already higher on news that China's manufacturing industry expanded in December at the fastest rate in 20 months.
There were also positive signs on manufacturing activity in Europe. A monthly purchasing managers' index for the 16 countries that use the euro rose to a 21-month high, and a similar survey for Britain rose to a 25-month high.

Meanwhile a weakening dollar boosted commodities prices, lifting materials stocks. An analyst's upgrade of semiconductor maker Intel Corp. sent technology shares higher.
In midmorning trading, the Dow Jones industrial average rose 132.10, or 1.3 percent, to 10,560.15. The Standard & Poor's 500 index rose 13.54, or 1.2 percent, to 1,128.64, while the Nasdaq composite index rose 32.03, or 1.4 percent, to 2,301.18.

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