The aforementioned reports indicating an increase in strength in manufacturing sent crude oil north of $70/barrel. Optimistic investors are encouraged that the worst of the global economic recession seems to be behind us, setting the stage for surging demand. The US Oil Fund (USO) was up 3.3% in morning trading.
Overall the Dow Jones Industrial Average was up 1%, the S&P 500 added 1.1% and the Nasdaq gained 0.9% in morning trading.
For more stories on manufacturing, visit our manufacturing category.
Kevin Grewal contributed to this article.