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U.S. stocks rally on strong data

Xinhua, March 2, 2016 Adjust font size:

U.S. stocks traded higher in the morning session Tuesday, the first trading day of March, after the release of better-than-expected economic data.

At noon, the Dow Jones Industrial Average rose 223.80 points, or 1.36 percent, to 16,740.30. The S&P 500 gained 29.46 points, or 1.52 percent, to 1,961.69. The Nasdaq Composite Index increased 84.59 points, or 1.86 percent, to 4,642.54.

The U.S. manufacturing index registered 49.5 percent in February, an increase of 1.3 percentage points from the January reading of 48.2 percent and topping market expectations, the Institute Supply Management (ISM) said Tuesday.

Meanwhile, investors expected a further easing of monetary policies due to downbeat manufacturing data out of the euro zone and China.

The data will likely give the U.S. Federal Reserve a pause as it deliberates on if and when it will further increase interest rates, according to Reuters.

"At this moment, I judge that the balance of risks to my growth and inflation outlooks may be starting to tilt slightly to the downside," said William Dudley, the New York Fed President, at a conference in Hangzhou, China.

Chinese stocks rose and regained the 2,700-point mark on Tuesday, after its central bank announced a cut in its reserve requirement ration (RRR) and weaker-than-expected manufacturing data.

U.S. stocks ended lower Monday after volatile trading, as China's central bank cut its RRR for commercial banks by 0.5 percentage points. Enditem