Stocks Rise Before Manufacturing Data

AP
Stocks Rise Before Manufacturing Data
Tuesday May 1, 9:37 am ET
By Madlen Read, AP Business Writer

Stocks Up As Investors Await Report on Manufacturing Sector

NEW YORK (AP) -- Stocks rose Tuesday as investors grew cautiously optimistic ahead of data on the nation's manufacturing sector that will provide clues about how much the economy is slowing.

The Institute for Supply Management is scheduled to release its April index of U.S. manufacturing at 10 a.m., and economists predict a reading of 51.0. A reading below 50, which would indicate that manufacturing activity is contracting, could revive fears of an upcoming recession.

Also Tuesday, investors will examine the National Association of Realtors' report on pending sales of existing homes in March, and automakers' April sales figures.

In the first minutes of trading, the Dow Jones industrial average was up 35 points at the 13,098 level.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com