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Stocks climb in pre-holiday session

NEW YORK, Aug. 29 (UPI) -- Buoyed by more upbeat economic news especially in regional manufacturing, traders pushed the stock market higher Friday ahead of the Labor Day holiday.

All markets sustained their gains throughout the day, encouraged by a 0.8 percent increase in July personal spending, the largest since March and a 0.2 percent increase in July personal income.

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The icing on the cake came with the Chicago Purchase Managers Index for August jumping to 58.9 for August, a 15-month high and sharply higher than the 54 predicted by economists.

At close, the blue-chip Dow Jones industrial average jumped 41.61 points, or 0.44 percent, to 9,415.82 on paltry Big Board volume of 942.5 million shares. The tech-heavy Nasdaq composite index rose 10.40 points, or 0.58 percent, to 1,810.58. The Standard and Poor's 500 index added 5.19 points, or 0.52 percent, to close above the psychological 1,000 mark to 1,008.03.

When markets open Tuesday, investors will learn that August performance helped the Dow and the S&P post gains for the sixth straight month and the Nasdaq for the seventh straight month.

The dollar fell to 116.96 against the Japanese yen from 117.33. The euro rose to $1.0988 from $1.0873 in the previous session.

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