Strong earnings reports send stocks higher

NEW YORK (AP) — Better than expected earnings reports and a lift in the manufacturing sector sent stocks higher today.

The drugmaker Pfizer, the delivery company UPS and agro-businesss giant Archer Daniels Midland all beat earnings forecasts.

The Institute of Supply Management said Tuesday that its index of manufacturing activity rose to 60.8. Any number above 50 indicates growth. Economists had predicted the index to rise to 58.

The better economic data helped push stocks broadly higher. All 10 company groups that make up the S&P index rose. Materials companies rose 1.7 percent, the largest gain of any group.

The Dow Jones industrial average gained 61 points, or 0.5 percent, to 11,953 in morning trading. The broader Standard & Poor’s 500-stock index gained 11, or 0.8 percent, to 1,296. The Nasdaq composite index rose 25, or 0.9 percent, to 2,724.