US STOCKS-Wall St leaps nearly 3 pct after manufacturing data

* Manufacturing rises, construction spending falls
* Private employers unexpectedly cut jobs-ADP
* China, Australia data ease economic concern
* Dow up 2.3 pct, S&P up 2.7 pct, Nasdaq up 2.6 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, adds Caterpillar)

By Edward Krudy

NEW YORK, Sept 1 (BestGrowthStock) – Wall Street jumped on
Wednesday as an increase in U.S. manufacturing activity and
new signs of growth in China and Australia boosted investor
confidence in the state of the global economy.

The three major U.S. stock indexes rose nearly 3 percent
after the Institute for Supply Management’s closely watched
index showed U.S. manufacturing grew faster than forecast and
chalked up a 13th straight month of expansion. For details,
see [ID:nN01115840]

“It’s definitely good for the market that we’re getting a
little bit of positive data,” said Giri Cherukuri, head trader
at Oakbrook Investments, in Lisle, Illinois. “On top of that,
it’s the beginning of the month, and people are putting their
money to work.”

U.S. stocks (Read more about the stock market today. ) rose initially after reports showed China’s
manufacturing staged a moderate rebound, while Australia’s
economy grew at its fastest pace in three years on a boost in
household spending. [ID:nTOE68001O] and [ID:nSGE67U0L3]

The Dow Jones industrial average (.DJI: ) gained 231.74
points, or 2.31 percent, to 10,246.46. The Standard & Poor’s
500 Index (.SPX: ) rose 27.81 points, or 2.65 percent, to
1,077.14. The Nasdaq Composite Index (.IXIC: ) added 55.49
points, or 2.62 percent, to 2,169.52.

The S&P 500 index moved above its 14-day moving average at
1,063 for the first time since Aug. 11, but fell just short of
taking out its 50-day moving average at around 1,081.

Shares of aluminum producer Alcoa Inc (AA.N: ), a Dow
component, gained 2.6 percent to $10.49, while Freeport
McMoRan Copper & Gold Inc (FCX.N: ) climbed 5.5 percent to
$75.95. Metals prices advanced on the Chinese data, lifting
copper to its highest level in more than four months.

Caterpillar Inc (CAT.N: ), a heavy equipment maker sensitive
to changes in economic sentiment, rose 4.6 percent to $68.14.
The company, a Dow component, also said it will invest $180
million over two years to expand manufacturing in Brazil,
signaling confidence in emerging markets. [ID:nN01118847]

The overseas data helped boost oil futures 3 percent to
$74.07 a barrel and lifted the energy sector. The NYSE Arca
Oil index (.XOI: ) rose 3.5 percent.

Investors shrugged off a report from ADP Employer Services
that showed private U.S. companies unexpectedly cut 10,000
jobs in August and government data indicated U.S. construction
spending fell to its lowest rate in 10 years [ID:nN01115648]
and [ID:nN01121972]

Shares of Burger King Holdings Inc (BKC.N: ) shot up 14.8
percent to $18.88. The No. 2 U.S. hamburger chain may put
itself up for sale and has already talked with potential
buyers, a source said. [ID:nSGE68006Y]

Apple Inc (Read more about Apple stock future.) (AAPL.O: ) rose 3.2 percent to $250.98 ahead of
its expected unveiling of a snazzier line of iPods later
Wednesday and plans to reinvigorate its long-neglected TV
(Reporting by Edward Krudy; Additional reporting by Caroline
Valetkevich; Editing by Jan Paschal)

US STOCKS-Wall St leaps nearly 3 pct after manufacturing data