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U.S. stocks rise on positive economic data
Last Updated(Beijing Time):2012-02-02 08:25

U.S. stocks ended higher on Wednesday, extending strong gains from January, as investors welcomed a batch of positive economic data.

The Dow Jones industrial average gained 83.55 points, or 0.66 percent, at 12,716.46. The Standard & Poor's 500 jumped 11.68 points, or 0.89 percent, to 1,324.09. The Nasdaq Composite Index rose 34.43 points, or 1.22 percent, to 2,848.27.

According to a report from private payrolls company ADP, private employers added 170,000 positions in January, boosted again by a surge in service-sector employment.

The report came two days before the Labor Department's highly- anticipated jobs report, which will give investors a clue about the recovery situation in the jobs market.

Economists now expect the economy to gain 150,000 in January while the unemployment rate stays at 8.5 percent.

Meanwhile, the Institute for Supply Management said that the pace of growth in the U.S. manufacturing sector rose to its highest level since June and a separate report from the Commerce Department showed construction spending gained for the fifth consecutive month.

Source:Xinhua 
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