US stocks higher on good earnings

Wall Street surged again today lifting the Nasdaq composite index to its best close in nearly 22 months as investors welcomed reports of strong growth in the nation’s manufacturing sector and a hefty rise in construction spending.

The economic figures were “dynamite” and part of a trend of positive news that’s added to the markets’ momentum since the rally first began in March, said Alfred E Goldman, chief market strategist with A G Edwards & Sons Inc in St Louis. But he warned there may be some pull-back ahead.