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Stocks open higher on manufacturing data

In this Jan. 25, 2012 photo, traders Stephen Holden, left, and Gerard Farco work on the floor of the New York Stock Exchange. Solid manufacturing surveys from around the world helped boost markets on Wednesday, Feb. 1, 2012, as attention turned towards the state of the U.S. economy in the run-up to a crucial jobs report. (AP Photo/Richard Drew)

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By JOSHUA FREED, The Associated Press 9:46 AM Wednesday, February 1, 2012

U.S. stocks are opening higher after solid manufacturing data from around the world.

Just after the opening bell, the Dow Jones industrial average is up 78 points, or 0.6 percent, to 12,713. The broader Standard & Poor's 500 index is up 9 points, or 0.7 percent, to 1,322. The Nasdaq composite is up 19 points, or 0.7 percent, to 2,833.

Investors hope positive manufacturing data for China and Europe mean similar growth is happening in the U.S.

The Institute for Supply Management's manufacturing index is due to be released at 10 a.m. Eastern. Economists forecast that U.S. factory output grew faster in January after businesses spent more on machinery, airplanes and other equipment.

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February 01, 2012 02:44 PM EST

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