Strong earnings reports send stocks higher

In this Jan. 31, 2011 photo, trader Michael Urkonis, center, uses his handheld device as he works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are rising in early trading ahead of reports on manufacturing and the homebuilding industry.

The Institute of Supply Management will issue its January manufacturing index at 10 am EST. Separately, the Commerce Department will report on the construction of new homes in December.

Archer Daniels Midland said its profit jumped 28 percent last quarter because of growing demand for grains. The company beat analyst estimates and rose 7 percent Tuesday.

UPS also posted higher than expected earnings. The company gained 3.5 percent.

The Dow Jones industrial average is up 61 points, or 0.5 percent, to 11,953 in morning trading. The broader SP 500 index is up 10, or 0.8 percent, to 1,295. The Nasdaq composite is up 22, or 0.8 percent, to 2,722.

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