(January 2, 2009)—Stocks staged a solid rally Friday on the first day of trading in the new year, despite a reading on manufacturing that sank to the lowest level in 28 years.
The Dow gained 258 points to 9,034.
The S&P 500 rose 28 and a-half points to nearly 932.
The Nasdaq composite added 55 points to 1,632.
Advancing issues topped decliners by a more than 4 to 1 margin on the New York Stock Exchange.
Volume on the NYSE came to 3.4 billion shares.
The Nasdaq stock market had some 1.4 billion shares traded.
Earlier Friday, the Institute for Supply Management says its manufacturing index fell to 32.4 in December.
Any number below 50 indicates contraction.
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