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

The Associated Press

Trader William McInerney works on the floor of the New York Stock Exchange Tuesday, July 1, 2014. The stock market rose in early trading after a report showed that manufacturing in the US and China expanded in June, boosting the outlook for global growth. (AP Photo/Richard Drew)

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NEW YORK (AP) — U.S. stocks are gaining after reports showed that manufacturing in the U.S. and China expanded in June.

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

Regeneron climbed 7 percent 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 percent, to 16,960 as of noon Eastern time Tuesday. IBM led the Dow higher with a gain of 3 percent.

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

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

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