Stocks are rallying today the Dow Jones Industrial Average is the highest it's been since the last day of 2007 thanks to stronger-than-expected news about the strength of the nation's manufacturing sector. As of 1:15 p.m. ET, the Dow stood near 13,328. Other major indices were also up.
The news behind the rally came from the Institute for Supply Management, which said its research indicates that "economic activity in the manufacturing sector expanded in April for the 33rd consecutive month, and the overall economy grew for the 35th consecutive month."
As The Associated Press says, "solid growth in manufacturing suggests the slowdown in hiring and factory output in March may have been a temporary lull." Bloomberg News adds that the news "bolstered investors' optimism in the world's largest economy."