July 1, 2011
U.S. stocks advanced for a fifth straight session on Friday and were poised to record their best week in nearly a year after data showed the U.S. manufacturing sector grew faster than expected in June, helping to dispel some recent gloom about the economy.
The pace of growth in manufacturing picked up for the first time in four months, with an index of national factory activity rising to 55.3 from 53.5 the month before, Institute for Supply Management (ISM) data showed.
The ISM survey built on surprisingly strong regional business data on Thursday. Friday marks the fifth day of an equites rally as stocks rebounded from a spate of weakness over the last two months.