Summary Box: Stocks rise on strong factory report

AP News
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Posted: Apr 02, 2012 5:19 PM
Summary Box: Stocks rise on strong factory report

STRONG RISE: U.S. stocks rose to multi-year highs on Monday after a positive report on U.S. manufacturing. The Institute for Supply Management said that its survey of manufacturing executives rose strongly last month as hiring and output increased.

BIG HIGHS: The Standard & Poor's 500 index rose to 1,419.04, its highest close since May 19, 2008. The Dow Jones industrial average finished at 13,264.49, its best since Dec. 31, 2007.

MIXED BACKDROP: Stocks had opened lower after Chinese and European manufacturing indexes slipped. Unemployment in Europe hit its highest level since the euro was launched. And construction spending in the U.S. declined sharply in February as builders slowed down.