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Manufacturing Data: April 2, 2012 Monday, April 2, 1:05 PM ET
Investors were very happy about the manufacturing data out this morning. Stocks dipped at the open before the news but staged a quick turnaround as the Institute for Supply Management said the manufacturing sector grew steadily in March, up a full point over February and better than economists expected.
New orders softened slightly, on slower export growth. But increases in production, backlog orders and employment was encouraging.
Also this morning, construction spending was weaker than expected for February. In fact, this spending fell 1.1% while economists were expecting a .7% increase.
Right now the Dow is wavering near unchanged, while the S&P and Nasdaq are fractionally positive. Shares of Apple (NASDAQ:AAPL) and Theravance (THRX) are leading Nasdaq higher this morning.
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