Wall Street kicked off the last month of the year on a positive note as investors look out for key economic data and policy decisions by central banks. Stocks pared early gains after data showed the US manufacturing sector contracted in November, falling to its worst levels since June 2009. The Institute for Supply Management (ISM) said its index of national factory activity fell to 48.6, the first time the index went below 50 since November 2012. A reading below 50 indicates contraction in the manufacturing sector.
"It was surprisingly poor and I think coming on the heels of the Chicago PMI it suggests the stronger dollar was starting to gnaw at the US economy," said Joe Manimbo, senior market analyst, Western Union Business Solutions, Washington. Investors are also awaiting a European Central Bank meeting on Thursday, when the central bank is widely expected to ramp up its trillion-euro bond-buying program.
At 12:27 pm ET (1627 GMT) the Dow Jones industrial average was up 110.45 points, or 0.62 percent, at 17,830.37, the S&P 500 was up 13.26 points, or 0.64 percent, at 2,093.67 and the Nasdaq Composite was up 29.61 points, or 0.58 percent, at 5,138.28. All 10 major S&P sectors were higher with the health index's 1.08 percent rise leading the advancers.
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