The major indexes bagged moderate gains in early trade Friday as investors digested a slew of economic reports.
The Nasdaq, Dow and S&P 500 climbed 0.4% each while the NYSE composite advanced 0.6%. Volume fell 6% on the NYSE and by 29% on the Nasdaq vs. the same period Thursday.
The Institute for Supply Management's September manufacturing index showed a 54.4 reading for September. That was lower than the expected 54.8 result and August's 56.3 mark.
The University of Michigan/Reuters consumer sentiment index showed a reading of 68.2, topping estimates of 67.0.
U.S. construction spending rose 0.4% in August, much better than the 0.4% decline pegged by economists.
Earlier, personal income and spending results came in better than expected.
Cognizant Technology Solutions (CTSH) rose 4% in brisk trade. The IT consultant has surged more than twofold since its July 2009 breakout and is at an all-time high.
ARM Holdings (ARMH) added 2% in rapid turnover. Chip stocks are off to a fast start Friday, with the Philadelphia semiconductor index up 0.8%.
Allied Nevada (ANV) gained 3% in heavy volume. The gold mining stock owns a 98 IBD Relative Price Strength Rating, with triple-digit quarterly revenue growth.
