Stocks rise after survey points to stronger manufacturing in US; Safeway jumps on deal talks

The Associated Press

FILE - In this Wednesday, Feb. 19, 2014, file photo, trader Dudley Devine uses his mobile phone as he works on the floor of the New York Stock Exchange. A contraction in Chinese manufacturing and the possibility of higher U.S. interest rates dragged global stock markets lower Thursday Feb. 20, 2014. (AP Photo/Richard Drew)

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NEW YORK (AP) — Stocks are closing higher after news that manufacturing in the U.S. is expanding at a rapid clip.

A private survey showed that manufacturing grew at the fastest pace in almost four years in February.

The Dow Jones industrial average rose 92 points, or 0.6 percent, to 16,133 Thursday. The gain erased the Dow's loss from the day before and left it flat for the week.

The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,839. The Nasdaq composite rose 29 points, or 0.7 percent, to 4,267.

Safeway rose 2 percent after the grocer said it was in talks to put itself up for sale.

Facebook rose 2 percent after announcing a deal to buy a popular messaging service called WhatsApp for $19 billion.

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