Market Flash; Market Up

Breakfast Bites: Stocks are trading higher today on momentum from better than expected Chinese manufacturing data yesterday triggered a bullish technical threshold on the S&P 500’s chart called the golden cross (50 day moving average crossing over and above the 200 day). This momentum is being extended following news that private sector employment grew in line with estimates and after some better-than-expected economic reports both domestically and from Europe and China.

  •  The pace of job creation by private employers slowed, adding 170,000 positions in January, but still met expectations

  • The Institute for Supply Management’s U.S. Manufacturing index rose to 54.1 in January from 53.1 in December.

  • Construction spending during December 2011 was estimated at $816.4 billion, 1.5% above the revised November estimate of 804 billion

  • The euro-zone purchasing managers index rose to 48.8 in January, from 46.9 in December. The PMI for Germany rose to 51 in January from 48.4, and the U.K. PMI increased to an eight-month high of 52.1 from 49.7.

  •  Portugal's auction of three and six-month bills raised the maximum targeted amount of EUR1.5 billion.