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US stocks rise despite weak NY manufacturing report

Traders work on the floor of the New York Stock Exchange at the end of the trading day on October 30, 2013 in New York City
Traders work on the floor of the New York Stock Exchange on October 30, 2013 in New York City

US stocks Friday moved higher in early trade despite a disappointing report on manufacturing business conditions in the New York region.

About 35 minutes into trade, the Dow Jones Industrial Average rose 31.85 (0.20 percent) to 15,908.07.

The broad-based S&P 500 added 1.49 (0.08 percent) at 1,792.11, while the tech-rich Nasdaq Composite Index inched 0.97 (0.02 percent) higher to 3,973.71

The Fed's Empire State Manufacturing Survey business condition index for November fell to a negative 2.21 from a positive 1.52 in October, the first time in negative territory since May.

Analysts said markets in Asia and Europe were cheered by Thursday's testimony from Janet Yellen, nominated to become chair of the Federal Reserve, that implied she would maintain aggressive monetary stimulus if confirmed in the job.

Dow component ExxonMobil rose 1.1 percent after news that Warren Buffett's Berkshire Hathaway took a stake in the oil giant worth more than $3 billion.

Consumer goods manufacturer Kimberly-Clark advanced 0.6 percent after announcing plans to pursue a potential spin-off of its health care business, which has products in surgical and infection prevention products.

Department store Nordstrom dipped 1.0 percent after earnings of 69 cents per share bested expectations by 3 cents, but revenues slightly underperformed.

Jos. A Bank Clothiers edged 0.1 percent higher after it withdrew its proposal to buy Men's Wearhouse because of lack of interest on the part of the latter. Men's Wearhouse rose 1.2 percent.

Equinix, a data-center company, rose 3.7 percent after the company said the Internal Revenue Service is reviewing issues related to the company's effort to convert to a real estate investment trust.

Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.70 percent, the same level as Thursday, while the 30-year dipped to 3.79 percent from 3.80 percent. Bond prices and yields move inversely.