U.S. stocks rise due to Exxon Mobil Corp. and U.S. Steel Corp. led a commodity rally; also led by Economic activity in the manufacturing sector grew in October for the fifth consecutive month, according to the Manufacturing ISM Report On Business.. The PMI was 56.4 percent up from September’s reading of 56.2 percent, with October’s reading being the highest in 2013.
St. Louis Fed President James Bullard said in an interview on CNBC that there was “no hurry” to curb the pace of the central bank’s stimulus measures adding that inflation remained low and job growth tepid. Which brought confidence and certainty into the market and thus U.S. stocks advancing on concept.
The Dow Jones Industrial Average inched up 10 points, or 0.1%, to 15626 in late-afternoon trade, but had been up as much as 43.35 points early in the session. The S&P 500 index added four points, or 0.2%, to 1765, and the Nasdaq Composite Index tacked on nine points, or 0.2%, to 3931.