Manufacturing Data Drives Up Sentiments, Market (PGJ, FXI, INDY, EWA, AA, X, CENX)

China's manufacturing sector continued its manufacturing expansion in January, with the purchasing managers’ index released by HSBC Holdings Plc and Markit Economics rising to 10.7%, a record high since 2007. Meanwhile, India and Australia also reported manufacturing growth. The strong data drove up PowerShares Golden Dragon Halter USX China (ETF) (NYSE: PGJ) by 1.83%, iShares FTSE/Xinhua China 25 Index (NYSE: FXI) by 2.40%, iShares S&P India Nifty 50 Index (NYSE: INDY) by 1.81% and iShares MSCI Australia Index (NYSE: EWA) by 1.94% as on 1:22 pm EST.

Echoing strong manufacturing data from China, Australia and the Eurozone, the Institute for Supply Management's manufacturing index showed that the sector grew at a faster than expected rate in January. Positive statistics boosted investor sentiments, driving the Dow Jones industrial average up by 91.59 points, or 0.91%, to 10,158.92. Meanwhile, the Standard & Poor's 500 Index gained 10.83 points, or 1.01%, to 1,084.70, and the NASDAQ Composite Index climbed up 11.46 points, or 0.53%, to 2,158.81.

Some of the highest gainers from the global manufacturing data were the industrial materials companies, with aluminum company Alcoa Inc (NYSE: NYSE: AA) adding 3.46%, Century Aluminum Company (NASDAQ: CENX) gaining 5.74% and US Steel Corp (NYSE: X) climbing 5.47% as on 1:17 pm EST.

Don’t miss out on The New York Traders Expo. This is the ultimate opportunity to test out the hottest products and software, and pick up trading ideas and strategies you can implement immediately to increase your percentage of profitable trades!

Register FREE by calling 800/970-4355 and mention priority code 017068 or go to The New York Traders Expo