Stocks and metals gained on data showing improvement in manufacturing and the U.S. labor market as a computer error halted trading on the Nasdaq Stock Market. The dollar rose as signs of an improving global economy increased speculation the Federal Reserve will reduce stimulus.Back to top
Germany led growth in manufacturing and services in the euro area, while a gauge for China's factory output unexpectedly showed expansion. The fewest workers in more than five years applied for U.S. jobless benefits over the past month, indicating the labor market continues to improve, and an index of leading indicators rose in July by the most in three months.
"We're seeing better economic data out of Europe and China, with several positive surprises," Thomas Haerter, who helps oversee about $54 billion as chief strategist at Swisscanto Asset Management AG in Zurich, said in a telephone interview today. "Getting better-than-forecast numbers out of Europe is even more positive for stocks than better-than-forecast data out of the U.S., as the growth problem is mainly in Europe."