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US shares higher as manufacturing slows
Tuesday, 3 May 2016 07:47:12 | Sue Lannin
Strong export orders boost optimism on Wall Street as US factory activity slows.
US shares finished higher overnight, boosted by financial and consumer stocks.
The Dow Jones rose 118 points to 17,891, while the S&P 500 gained 16 points to 2,081. The Nasdaq added 42 points, closing at 4,818.
Amazon shares gained nearly 4 per cent during trading.
US manufacturing expanded at a slower pace in April because of fewer new orders, however orders for exports reached their highest level since November 2014.
The Institute of Supply Management's index of factory activity was 50.8 in April, down from 51.8 in March.
In Europe, the markets were mixed overnight.
London's FTSE 100 fell 1.2 per cent or 81 points to 6,242, the CAC 40 in Paris rose 14 points to 4,443 and Germany's DAX increased 84 points to 10,123.
In futures trade, the ASX SPI 200 was up 12 points to 5,235, suggesting the local share market would open higher after yesterday's modest fall.
The Australian dollar gained against the greenback, buying 76.63 US cents. It was buying 52.24 British pence, 66.47 eurocents, 81.55 Japanese yen and NZ$1.09.
In commodities, West Texas Crude oil was weaker at $44.78 after OPEC production neared record highs.
Gold was at its highest level since January last year. It was trading at US$1291.22 an ounce.
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