
Big manufacturers and their suppliers, such as Caterpillar Inc (CAT.N) and US Steel Corp (X.N), rose sharply after data showed factory activity in March fell at a slower rate than the month before, while pending home sales rose more than expected in February.
The data was enough to counter a report that showed U.S. private-sector job losses accelerated in March to 742,000, heightening concerns ahead of the government's monthly payroll numbers on Friday.
The housing and factory data pointed to "an economy that fell off a cliff (and) that may have found a bottom," said Linda Duessel, market strategist at Federated Investors in Pittsburgh.
"Because we fell off a cliff, you need to get a lot of diverse areas telling us it's not as bad this month as it was last month and that's what's happening."
The Dow Jones industrial average .DJI gained 152.68 points, or 2.01 percent, to 7,761.60. The Standard & Poor's 500 Index .SPX added 13.21 points, or 1.66 percent, to 811.08. The Nasdaq Composite Index .IXIC climbed 23.01 points, or 1.51 percent, to 1,551.60. more...
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