SARA LEPRO,AP Business Writer
NEW YORK (AP) — Stocks are snapping back from Friday's big losses as stronger-than-expected reports on manufacturing and housing ease investors' concerns about how durable the economic recovery will be.
The Institute for Supply Management says the manufacturing industry grew at the fastest pace in October since April 2006. The ISM manufacturing index clocked in at 55.7, much better than the 53 economists had expected.
Meanwhile, the National Association of Realtors says pending home sales rose 6.1 percent in September — the eighth straight month of increases.
At midday, the Dow Jones industrials are up 112 at 9,824. The Standard & Poor's 500 index is up 11 at 1,047, and the Nasdaq composite index is up 15 at 2,060.
