US stocks climb on upbeat economic reports

Stocks surged higher today after new data soothed inflation concerns and the price of oil tumbled to its lowest level in five months. The advance carried the Nasdaq composite index to a new 52-week high.

Wall Street embraced a report that the manufacturing sector expanded at a slower pace in November. The report, from the Federal Reserve Bank of Philadelphia, showed that prices in the region’s manufacturing sector were steady or falling.