By msnbc.com news services
Stocks and the dollar rallied on Tuesday after data showed U.S. manufacturing grew in April at the strongest pace in 10 months, soothing recent worries about the economy.
The Dow Jones industrial average closed the day up 66 points, having rallied over 100 points to its highest level in more than four years earlier in the day.
Safe-haven Treasuries prices fell, while gold retreated from two-week highs as the data dampened speculation the Federal Reserve would adopt fresh monetary easing measures to boost growth.
Overseas trading was limited, with many markets in Asia and Europe closed for the May Day holiday.
?The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle,? said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. ?ISM suggests there's no real reason to get too concerned about the path of the U.S. economy at this point.?
World stocks posted a loss of about 1.5 percent last month as worries about global growth resurfaced after data showed the U.S. economy cooled in the first quarter and the euro zone recession was deepening.
The weakness has also spread to other countries. The British manufacturing sector barely grew in April, hit by the economic slowdown in the euro zone, while Canada said its economy unexpectedly shrank in February.
Adding to bullish sentiment were signs of recovery in Chinese manufacturing. China's Purchasing Managers' Index rose to a 13-month high in April, suggesting the world's second-largest economy has found a footing and may be recovering from a first-quarter trough.
In company news, shares of PF Chang's China Bistro were among the biggest market movers Tuesday, surging 30 percent to $51.57 after the restaurant chain agreed to be bought by a private equity firm.
Other market movers included Chesapeake, which climbed 7.9 percent to $19.89 after the nation's No. 2 natural gas producer said it will name an independent, non-executive chairman to replace Aubrey McClendon. The company will also end a controversial program that has granted McClendon minority stakes in Chesapeake's wells.
Reuters contributed to this report.
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