Manufacturing Data Sends Major Indices Up (NWSA, PFCB)

Major indices were up by around half a percent today, riding on the back of good data about the state of manufacturing and auto sales in America. Manufacturing output in April was at its highest point in 10 months, according to the Institute for Supply Management. Meanwhile, Q1 2012 was the best quarter for auto sales in the US since Q1 2008. In corporate news, News Corp. (NWSA) came under some heat today as a UK parliamentary committee released its report declaring CEO Rupert Murdoch unfit for his station. Struggling restaurant firm P. F. Chang’s China Bistro (PFCB) will be purchased by a privately held company for a little over $1 billion.

Word on the Street

• The Dow hit its highest point since December 2007 today.
• Manufacturing output grew by its fastest in months.
• US auto sales had their best quarter since 2008.
• A parliamentary committee in the UK issued a brutal appraisal of News Corp (NWSA).
• Crude oil futures jumped today.
• Restaurant company P. F. Chang’s (PFCB) will be bought by a privately held company.

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