U.S. markets rallied into the New Year, following similar gains in major stock markets in Asia and Europe on Wednesday, after a higher-than-projected manufacturing report. On the economic front, manufacturing activity advanced to 50.7 in the final month of 2012, bouncing back from a reduction in the month prior, according to the ISM. Economists surveyed by Reuters had predicted a reading of 50.3.
Tech stocks were rallying the most where solid gains were seen for LDK Solar Co., Ltd (ADR) (NYSE:LDK) after it signed a purchase deal with Shanghai Qianjiang Group in which Qianjiang Group has agreed to purchase all shares of Hefei City-based LDK Anhui in a deal valued at RMB25 million. Pursuant to the deal, Qianjiang Group will release the pledge LDK Solar offered to LDK Anhui and subsidiaries within 12 months, as well as reimburse LDK Solar for any loss linked with such guarantee, before the release.
LSI Corp (NASDAQ:LSI) was making a move after a report that the 2G LSI SandForce SF-2200 is representing success in the fast rising flash storage and SSD processor market space.
Some other movers to watch in the technology sector are GT Advanced Technologies Inc (NASDAQ:GTAT), Inteliquent (NASDAQ:IQNT) and Skyworks Solutions Inc (NASDAQ:SWKS).
Financial sector is also leading gains. In this sector, MGIC Investment Corp. (NYSE:MTG) is gaining high after TheStockAdvisors suggested the stock (MTG) as its top pick for 2013 citing recently settled a long-festering dispute with Freddie Mac.
Hartford Financial Services Group Inc (NYSE:HIG) started the New Year with a new high and Metlife Inc (NYSE:MET) was gaining over 5%.
Moving beyond these two hot sectors, Hertz Global Holdings, Inc. (NYSE:HTZ) marked new high and is one of the most popular stocks today.
Energy giant Vale SA (ADR) (NYSE:VALE) was trending higher.
United States Steel Corporation (NYSE:X) surged after Credit Suisse analysts upgraded the stock from Neutral to Outperform in wake of the “fiscal cliff” resolution. MGM Resorts International (NYSE:MGM) is also rapidly rising after the fiscal cliff deal.
Mondelez International Inc (NASDAQ:MDLZ) was rallying after Insiderslab.com published an insider trading report and equity research for the company.
Caterpillar Inc. (NYSE:CAT) was gaining above 4% after its plan to ramp up hiring for its planned Bogart facility, expected to reach 1,400 employees by 2018, in the next year.