The Institute for Supply Management's manufacturing index rose in June after a steep drop-off the month before. The better manufacturing news is helping to convince investors that the recent economic slowdown could have been just a temporary soft patch.
The Dow Jones industrial average is up 116 points, or 0.9 percent, to 12,531 in midday trading Friday. The S&P 500 is up 11, or 0.8 percent, to 1,331. The Nasdaq composite is up 27, or 1 percent, to 2,801.