Housing will be the driver of the U.S. economy in 2013, predicts Jeremy Siegel, Professor of Finance at the University of Pennsylvania, weighing in on where investor can find value in a low-return environment and the outlook on the economy.
By NBC News wire services
Updated at 10:15 a.m. ET: Stocks rose on Monday at the start of a new quarter, with the Dow Jones industrial average lately up over 145 points.
In economic news,?data from the Institute of Supply Management showed the manufacturing sector grew for the first time since May.
The broad S&P 500 index advanced after its biggest weekly drop since June.?
Wall Street closed its best third quarter since 2010 Friday after a wave of central bank actions sparked a dramatic reversal in equity markets.
Euro zone manufacturing put in its worst performance in the three months to September while Asia's manufacturers are continuing to struggle in the face of tepid demand from the United States and Europe, flagging a return to recession for the euro zone and a seventh straight quarter of slowing growth in China, business surveys showed.
Equity markets are being supported by expectations of support from central banks, including the Federal Reserve and the European Central Bank, which are offsetting weak data, according to Rick Meckler, president of investment firm LibertyView Capital Management in New York.
"The market focuses more on future results than on what's happening today," he said.
Ceradyne Inc shares gained 42.8 percent to $34.89 in premarket trading on news the company will be acquired by 3M Co for $847 million.
The U.S. Defense Department on Friday awarded United Launch Alliance, which is a 50-50 joint venture of Lockheed Martin Corp and Boeing Co, a $1.17 billion contract to provide satellite launches using its Delta IV and Atlas V rockets.
Wall Street finished lower on Friday but recorded its best third quarter since 2010 after a series of central bank actions sparked a bullish reversal in equity markets, but signs of weakness in the economy drove stocks lower for the week.
Reuters contributed to this report.
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