Stocks poised to start 2011 with a lift

NEW YORK (AP) — Stocks were poised to start 2011 with a lift today thanks to better than expected economic news out of Europe.

Shares rose throughout Europe after a report showed that manufacturing in the eurozone expanded faster than analyst’s forecasts. The Euro Stoxx 50 index rose 0.9 percent. Benchmark indexes in France, Spain, and Germany each gained more than 1.1 percent.

Investors will get reports on manufacturing growth and construction spending in the U.S. today as well. Economists expect that the Institute of Supply Management’s index of manufacturing activity will show that the sector grew in December for the 17th straight month. Analysts predict that the index will remain unchanged at 56.6. Any reading above 50 indicates growth.

Separately, the Commerce Department will release its report on construction spending in November. Economists are forecasting a slight gain of 0.2 percent. In October, construction spending rose by 0.7 percent.

Before the opening bell, Dow Jones industrial average futures rose 91 points, or 0.8 percent, to 11,602. S&P 500 futures rose 10, or 0.8 percent, to 1,263. Nasdaq 100 futures rose 21, or 1 percent, to 2,237.