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Stocks rose sharply on Friday in heavy trading as software company PeopleSoft Inc and chip-related stocks boosted the Nasdaq and Standard Poor's 500 indexes to their highest closes in about three months.
US manufacturing expanded briskly for a 13th straight month in June while construction spending cooled a bit in May, according to two reports on Thursday showing the economy's robust expansion was on track.
ALTHOUGH the deferment of the RM14.5bil electrified double-tracking railway project in mid-December may have dampened sentiment in the construction sector, the investment community sees priority and essential projects, albeit on a smaller scale, helping to drive the sector.
Manufacturing in the United States surged to a 20-year high at the start of the year as factories scrambled to meet demand, while consumer spending increased modestly during the holidays, according to the latest reports.
B>NEW YORK: /B>US stocks edged up in light trading on Friday, as investors anticipated a solid holiday shopping weekend and more data next week likely to show the US economic recovery is accelerating.
B>NEW YORK:/BUS manufacturers cranked up output in October to the fastest pace in nearly four years, according to a report on Monday that showed hard-hit factories enjoying their best rebound since the 2001 recession.