The Dow Jones industrial average was up 121 points at 12,957 after an hour of trading, on track for its best weekly percentage gain since early June. The Standard & Poor’s 500 index rose 13 to 1,404. The Nasdaq composite index gained 31 to 2,957.
German business confidence rose unexpectedly in November after six straight declines, a closely watched survey showed, raising hopes that Europe’s largest economy can continue to weather the continent’s financial crisis.
Munich’s Ifo institute said its key business climate figure rose to 101.4 in November from 100 in October. Economists had predicted a modest drop.
China’s manufacturing expanded for the first time in 13 months in November, the latest sign that the world’s second-biggest economy is recovering from its deepest slump since the 2008 global crisis. HSBC Corp. said its monthly Purchasing Managers’ Index improved to 50.4 for November. Any number above 50 indicates expansion.