US stocks rose on Tuesday as investors shifted focus to strong earnings and manufacturing data and less on the turmoil in the Middle East. The S&P and the Nasdaq rose more than 1 percent after data showed the US manufacturing sector expanded at its fastest pace in seven years. Pfizer Inc shares rose 5.1 percent to $19.15 after the Dow component''s income and revenue topped estimates.
The drugmaker also announced a new share-repurchase program of up to $5 billion of its common stock. The Dow Jones industrial average was up 96.20 points, or 0.81 percent, at 11,988.13. The Standard & Poor''s 500 Index rose 15.73 points, or 1.22 percent, at 1,301.85. The Nasdaq Composite Index gained 38.14 points, or 1.41 percent, at 2,738.22.
Trading volume was about 2.5 billion shares by early morning, with advancing stocks beating the decliners by a ratio of about 4 to 1. United Parcel Service Inc rose 3.9 percent to $74.43 after profit at the world''s largest package delivery group beat estimates and it forecast record-high earnings in 2011. Supporting the Nasdaq, Baidu shares gained 8.2 percent to $117.48 after the company beat fourth-quarter estimates and painted a bright near-term outlook.
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