Manufacturing gains in the US and China drive stocks higher; Netflix and Regeneron rise

The Associated Press
July 1, 2014 08:54 AM

NEW YORK, N.Y. - U.S. stocks are gaining after reports showed that manufacturing in the U.S. and China expanded in June.

Netflix rose 6 per cent after analysts at Goldman Sachs raised their outlook on the stock.

Regeneron climbed 7 per cent after the French drugmaker Sanofi said it had raised its stake in the company. The two collaborate on drug research.

The Dow Jones industrial average rose 132 points, or 0.8 per cent, to 16,960 as of noon Eastern time Tuesday. IBM led the Dow higher with a gain of 3 per cent.

The Standard & Poor's 500 index rose 13 points, or 0.7 per cent, to 1,973. The Nasdaq composite gained 50 points, or 1.2 per cent, to 4,459.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.56 per cent.

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