The stock market started November on a strong note as investors reacted to an expansion in U.S. manufacturing last month.
The improvement came during what could have been a difficult month for the U.S. economy, with a partial government shutdown that lasted 16 days and a narrowly averted default on the U.S. government’s debt, which could have rattled financial markets.
The Institute for Supply Management reported that its manufacturing index increased to 56.4, the highest level since April 2011. That was better than the 55.1 figure economists were expecting, according financial data provider FactSet.
The Dow Jones industrial average rose 69.80 points, or 0.5 percent, to 15,615.55. The Standard & Poor’s 500 index rose 5.10 points, or 0.3 percent, to 1,761.64. The Nasdaq composite rose 2.34 points, or 0.1 percent, to 3,922.04.
The positive start to this month’s trading comes after a strong October for the stock market. The S&P 500 closed at a record high seven times during the month, most recently Tuesday. It ended October with a gain of 4.5 percent.