US STOCKS-Markets rise on construction, factory data

* Construction spending posts largest gain in nearly 10 yrs

* Asian manufacturing growth slows in May

* Apple rises after on iPad sales

* Indexes up: Dow 0.6 pct, S&P 0.4 pct, Nasdaq 0.8 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates with construction spending, ISM data)

By Ryan Vlastelica

NEW YORK, June 1 (BestGrowthStock) – Wall Street rose on Tuesday as
U.S. construction spending recorded its largest monthly
increase in nearly 10 years and U.S. manufacturing expanded in
for a tenth straight month.

The Commerce Department said construction spending rose 2.7
percent, and investment in private construction surged 2.9
percent, the largest increase since July 2004. Also, the
Institute for Supply Management’s manufacturing index expanded
more than expected in May. For details, see [ID:nN0198011] and
[ID:nN01108942]

“The ISM was phenomenal and continues to show expansion,”
said Jack Ablin, chief investment officer at Harris Private
Bank in Chicago. “The issues in Europe have yet to be felt
here, and the U.S. economy seems to be a global source of
strength right now.”

The Dow Jones industrial average (.DJI: ) rose 56.91 points,
or 0.56 percent, at 10,193.54. The Standard & Poor’s 500 Index
(.SPX: ) added 3.81 points, or 0.35 percent, at 1,093.22. The
Nasdaq Composite Index (.IXIC: ) gained 17.03 points, or 0.75
percent, at 2,274.07.

Markets opened lower after a survey showed euro zone
manufacturing activity expanded in May at a more sluggish pace
than in April, while separate data indicated the rate of
China’s factory output eased. [ID:nLDE6500WD]

The Nasdaq got a boost from Apple Inc (Read more about Apple stock future.) (AAPL.O: ), which rose
3 percent to $264.60 after it said it had sold 2 million of its
iPad tablet computers. [ID:nN31178032]

On the downside, U.S.-listed shares of BP Plc (BP.N: )
dropped 11 percent to $38.30 following its failed attempt to
stem the Gulf of Mexico oil spill. [ID:nN01262229]

In deal news, ev3 Inc (EVVV.O: ) surged 17.5 percent to
$22.23 premarket after Covidien Plc (COV.N: ) agreed to buy the
medical device maker $2.6 billion. Covidien shares fell 1.7
percent to $41.67. [ID:nN0193836]

Stock Investing

(Editing by Jeffrey Benkoe)

US STOCKS-Markets rise on construction, factory data