NEW YORK: It’s only been a day, but November on Wall Street is already looking a lot better than October.
Strong economic data and corporate news converged Thursday to give U.S. stocks their best day since mid-September. Positive signs about the job market and soaring sales figures pushed stock futures up before the market opened. A half-hour into trading, reports on the Dow closed up 136.16 points, or 1 percent, to close at 13,232.62. It was the best day for the Dow since Sept. 13.
The Standard & Poor’s 500 index rose 15.43 points, or 1.1 percent, to 1,427.59. The Nasdaq composite index added 42.83, or 1.4 percent, to 3,020.06.
All three indexes fell in October, their first monthly losses since May.
The Institute for Supply Management said factories are seeing more new orders and increased production.
The Conference Board said Americans’ confidence in the economy surged last month to the highest level in nearly five years.
Manufacturing growth tends to signal higher corporate earnings, said Doug Cote, chief market strategist at ING Investment Management. U.S. companies are midway through reporting their third-quarter earnings, which have been relatively weak.