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Stock Market and U.S. manufacturing Purchasing Managers Index (PMI)

U.S. stocks opened higher Monday ahead of the scheduled release of the U.S. manufacturing Purchasing Managers Index (PMI) later in the day.

Analysts expect the manufacturing sector to continue slowing down but it may contracted less than predicted.

Shortly after the opening bell, the Dow Jones Industrial Average rose 79.76 points, or 0.59 percent, to 13,516.89. The Standard & Poor’ s 500 Index was up 7.96 points, or 0.55 percent, to 1,448.63. The Nasdaq Composite Index climbed 12.78 points, or 0.41 percent, to 3,129.01.

Across the Atlantic, European stocks and the euro gained Monday after last week’s release of the stress test results of Spanish banking system that showed the country’s 14 banks need 59.3 billion euros (about 76.3 billion U.S. dollars), less than the 100-billion-euro bailout package promised by eurozone financial ministers in July.

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