Nasdaq Gains Nearly 3% on Unexpectedly Strong Manufacturing Activity (AAPL, BKC, TM)

The stock market started off September with a bang, posting gains that hadn’t been experienced in nearly two months! All of the major indices posted significant gains today, with the Dow rising 255 points, or 2.54%, and the Nasdaq and S&P 500 each gaining just shy of 3%. The largest push came from unexpected growth in manufacturing activity in both the U.S. and China. This was more than enough to cause investors to overlook very disappointing auto sales in August from all the major manufacturers. Corporate news contained a number of bright spots, including Burker King (BKC) which saw shares rise 14% on a possible buyout, and Apple (AAPL) announcing a new line of iPods and other revised product lines. Crude oil inventories rose more than expected last week, and crude oil October futures gained $1.90 to close at $73.91 a barrel, December gold futures lost $2.20 to close at $1248.10 an ounce.

Word on the Street

Apple (AAPL) held a highly-anticipated media event today, and annoucned a new iPod version, a revamped (and cheaper) Apple TV box, and even a social media network!

Burger King (BKC) might be up for sale? The popular fast-food restaurant is considering a buyout from hedge fund 3G Capital.

Auto sales are on the decline: All three of the world’s largest automakers, Toyota (TM), General Motors, and Ford (F) reported sales declines that were higher than anticipated. U.S. auto sales had the slowest August in 28 years.

Heinz (HNZ) reported their earnings today, showing a slight increase in sales, and stood by their full-year forecast despite a “dreary” economic outlook.

Both Sony (SNE) and Borders (BGP) are switching strategies with their e-readers to better compete with Amazon’s (AMZN) Kindle.

A panel to investigate the financial crisis exchanged today some strong debate and testimony over the bankruptcy of Lehman Brothers in 2008.

Other Interesting Tidbits

What does Forbes say is “The Fastest Growing Company Ever”?

The Wall Street Journal has a list of 10 Mistakes That Start-Up Entrepreneurs Make .

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