Manufacturing data, Exxon lift stocks

By IBTimes Staff Reporter | February 01 2010 10:40 AM

U.S. stocks rose on Monday, following three weeks of losses, as data showed the U.S. manufacturing sector continued to expand in January and after better-than-expected results from Exxon Mobil Corp .

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Exxon shares rose 2.1 percent to $65.80 after the largest U.S. oil company reported that quarterly results beat expectations on increased oil and gas production. For details see

The Institute for Supply Management's January manufacturing index showed the sector grew in January and at a faster rate than expected. The report followed strong data from China, Australia and the euro zone.

Shares of materials companies gained on the strong global manufacturing data, with Alcoa Inc up 3.7 percent to $13.20 and U.S. Steel Corp adding 4.2 percent to $46.30.

The ISM number looks good on all fronts, said Alan Lancz, president of Alan B. Lancz & Associates Inc in Toledo, Ohio. The market is coming off an oversold condition, so it's responding.

The Dow Jones industrial average <.DJI> gained 93.79 points, or 0.93 percent, to 10,161.12. The Standard & Poor's 500 Index <.SPX> jumped 11.57 points, or 1.08 percent, to 1,085.44. The Nasdaq Composite Index <.IXIC> added 14.09 points, or 0.66 percent, to 2,161.44.

Other data showed construction spending in December fell to its lowest level since 2003.

(Additional reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)