Stocks edged higher Tuesday as new data showing that U.S. manufacturing activity has begun to expand for the first time in a year and a half were offset by a slide in construction spending.
The Dow Jones Industrial Average was recently up 23 points at 9520. The S&P 500 gained 0.4%. The Nasdaq Composite Index was up 0.9%, supported by a 1.7% climb for Ebay after it reached a deal to sell 65% of Skype to an investor group.
The Institute for Supply Management said its monthly manufacturing index rose to 52.9 in August, the highest reading since June 2007, from 48.9 in July. The report beat expectations and topped 50, the level indicating growth in the factory sector, for the first time since January 2008.
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Tuesday, September 1, 2009
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