Stocks Close Mostly Higher Monday

NEW YORK (October 1, 2012)—Stocks closed mostly higher Monday after a report showed a surprisingly strong increase in U.S. manufacturing last month after four months of declines.

The Dow Jones industrial average rose 78 points to close at 13,515 Monday.

The Dow was up as much as 161 points, but gave up most of that gain in the afternoon.

The rally faded after Fed Chairman Ben Bernanke said the central bank needs to keep interest rates low because the economy isn't growing fast enough to reduce high unemployment.

The Standard & Poor's 500 index rose four points to close at 1,444.

The Nasdaq composite fell three to end the day at 3,114.

Three stocks rose for every two that fell on the New York Stock Exchange where volume was lighter than average at 3.3 billion shares.

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