Stocks higher at midday; investors wait for ECB, jobs data
By KEN SWEET, Associated Press
Dec 1, 2015 11:29 AM CST
Traders Michael Smyth, left, and Timothy Nick, center, work at the post of specialist Patrick King on the floor of the New York Stock Exchange, Tuesday, Dec. 1, 2015. Stocks are slightly higher in early trading as investors look ahead to a busy week of economic reports and central bank meetings. (AP...   (Associated Press)

NEW YORK (AP) — U.S. stocks moved solidly higher Tuesday, helped by improving economic data from Japan and Europe as well as hopes that the European Central Bank will expand its stimulus program. However, trading remained quiet ahead of the release later this week of the U.S. government's monthly jobs survey.

KEEPING SCORE: The Dow Jones industrial average rose 106 points, or 0.6 percent, to 17,827 as of 12:25 p.m. Eastern. The Standard & Poor's 500 index rose 13 points, or 0.6 percent, to 2,093 and the Nasdaq composite index rose 27 points, or 0.5 percent, to 5,135.

INTEREST RATES: Banks were among the gainers in midday trading. While the ECB is looking to cut interest rates, the Federal Reserve remains on track to raise interest rates later this month. Higher interest rates are good for banks because they can charge more to loan money.

JPMorgan Chase rose 49 cents, or 0.7 percent, to $67.18. Morgan Stanley rose 66 cents, or 2 percent, to $34.96 and Goldman Sachs rose $1.26, or 0.7 percent, to $191.28.

JAPAN DATA: An index measuring factory output in Japan rose to 52.6 in November, the highest reading in 20 months and up from 52.4 in October. The index is based on a 100-point scale, with the 50-point mark separating expansion from contraction. Japanese shares jumped 1.3 percent on the news.

EUROPEAN JOBS: The unemployment rate in the 19 countries that use the euro edged down to 10.7 percent in October, a near four-year low. The drop shows the labor market is improving gradually, though the figures are not expected to keep the European Central Bank from offering more monetary stimulus on Thursday. ECB head Mario Draghi has signaled the bank could expand its bond-buying program or cut interest rates. The expectation of more stimulus has caused the euro to fall against the dollar and for European stocks to rise in the last several weeks.

US JOBS: Most of the focus in the U.S. will be on the November job's report, to be released Friday. Expectations are high for November, with economists looking for the report to show a creation of 271,000 jobs last month. The unemployment rate is expected remain at 5 percent.

ENERGY: Benchmark U.S. crude fell 16 cents to $41.51 a barrel on the New York Mercantile Exchange. Brent crude oil, which is used to price oil internationally, lost 35 cents to $44.26 a barrel.

BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.15 percent from 2.21 percent. The U.S. dollar slipped to 122.85 yen from 123.25 yen on Monday on the Japanese economic data. The euro rose to $1.0619 from $1.0572.

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