Friday's early afternoon trade: stocks extend gains as data points to improving economy

US stocks extended their gains and were up for the fourth straight day on Friday as strong manufacturing data boosted prospects for an improvement in the economy. The S&P 500 is on track for its best weekly gains since October, having recovered sharply from a bruising selloff after Britain voted to quit the European Union. Investors are now pinning their hopes on central banks easing monetary policy to support global growth.
Data from the Institute for Supply Management (ISM) showed its index of national factory activity rose to 53.2, topping expectations of 51.4, according to a Reuters poll. Adding to the upbeat mood, the US auto industry was on track to record its best June sales in more than a decade.
"It's been a wild ride, but positive economic momentum in the United States has and continues to be a ray of sunshine," said Daniel Kern, chief investment strategist of TFC Financial Management in Boston. However, yields on safe-haven government bonds slipped around the world, showing investors were uncertain about the state of the global economy, particularly after the Brexit vote. US stock exchanges will be closed on Monday for the Independence Day holiday.
At 12:18 am ET (1541 GMT), the Dow Jones Industrial Average was up 35.88 points, or 0.2 percent, at 17,965.87, the S&P 500 was up 5.32 points, or 0.25 percent, at 2,104.18 and the Nasdaq Composite was up 25.02 points, or 0.52 percent, at 4,867.69. Seven of the 10 major S&P indexes were higher, with the consumer discretionary sector's 1.17 percent rise leading the gainers.