NEW YORK (AP) — Hopes that China will rev up its economic growth machine are sending stocks higher on Wall Street.
The Dow Jones industrial average rose 85 points to 12,592 as of 11:45 a.m. Tuesday.
The prospect that China could reverse a slowdown in its growth led investors to buy stocks of major industrial companies that do significant business with the country. Caterpillar and Alcoa were among the largest gainers in the 30 Dow stocks. China is the largest market for aluminum, which Alcoa makes, and Caterpillar recently said it is aggressively courting China to sell its construction equipment.
The Standard & Poor’s 500 index rose 8 points to 1,326 and the Nasdaq composite rose 17 points to 2,855.
