MANUFACTURING EXPANDS: Factories expanded last month at the fastest pace since June, a trade group said Wednesday. The Institute for Supply Management said that its manufacturing index rose to 54.1 in January, from 53.1 in the previous month. Readings above 50 indicate expansion.

ORDERS RISE: New orders and order backlogs both rose to nine-month highs. That signals that production will likely keep increasing in the coming months. A measure of employment dipped, though still showed growth.

GLOBAL GROWTH HEALTHY: The report followed other positive readings on manufacturing in China, Germany and the United Kingdom. The U.S. stock market rose in response.