UPI NewsTrack Business

Stocks turn briskly higher

NEW YORK, Jan. 3 (UPI) -- U.S. stock markets kicked off 2012 trading by turning briskly higher, following positive movement in Asia and Europe.

The U.S. Census Bureau said construction spending rose 1.2 percent from November to December. The Institute of Supply Management said manufacturing activity picked up the pace in the last month of 2011, the Purchasing Manager's index coming in at 53.9, besting the break-even level of 50 by 3.9 points.

In early afternoon trading on Wall Street, the Dow Jones industrial average bolted out of the gate, gaining 248.39 points or 2.03 percent to 12,465.95. The Standard & Poor's 500 index added 25.88 points or 2.06 percent to 1,283.48. The tech-heavy Nasdaq composite index gained 56.61 points or 2.21 percent to 2,662.76.

The benchmark 10-year treasury note lost 24/32 to yield 1.956 percent.

The euro rose to $1.3051 from $1.296. Against the yen, the dollar fell to 76.69 from 76.92.

In Tokyo, the Nikkei 225 index added 0.67 percent, 56.46, to 8,455.35.

Average Canadian CEO getting $8.38M

TORONTO, Jan. 3 (UPI) -- Average compensation for Canadian chief executive officers rose 27 percent to $8.38 million in 2010, the Canadian Center for Policy Alternatives said Tuesday.

The left-leaning think tank said its "CEO Elite Top 100" list showed the lowest level of compensation was $3.9 million while the highest was $68.8 million.

There was only one woman in the top 100, the center said.

In contrast, Canadians who worked full-time for the full-year for an average weekly wage earned $44,366 in 2010, the release said. Full-time minimum wage workers earned an average $19,798 that year.

"By noon Jan. 3, the Elite 100 already have what it takes the average Canadian the rest of the year, working full-time, to earn," the think-tank said.

Among the top 100 CEOs, their average compensation is 189 times more than Canadians earning the average wage.

The center compiled its findings from distributed circulars on publicly traded companies.

The top three on the list were all from the automotive conglomerate Magna International Inc., which reported on base salary, bonuses, shares and options.

Founder Frank Magna was paid $68.8 million in 2010, followed by co-CEOs Donald Walker with $16.6 million and Siegfried Wolf with $16.5 million. Wolf resigned in November 2010.

U.S. manufacturing picks up the pace

TEMPE, Ariz., Jan. 3 (UPI) -- U.S. manufacturing activity made gains in December with the pace picking up from the previous month, the Institute of Supply Management said Tuesday.

The headline index (the Purchasing Managers' Index) rose from 52.7 to 53.9, as manufacturing expanded for the 29th consecutive month, the institute said.

Numbers above 50 indicate growth. Below 50 indicates a contraction.

The institute said nine of 18 manufacturing groups showed growth in the month. The strongest growth in December was seen in apparel, leather and allied products, followed by textile mills, petroleum and coal, machinery and food and tobacco products.

The component index for new orders rose from 56.7 to 57.6 in the month. The employment index climbed from 56.6 to 59.9, growing for the 27th consecutive month. The prices index moved lower, dropping from 48.3 to 47.1.

Construction spending rose in November

WASHINGTON, Jan. 3 (UPI) -- Construction spending for November was 1.2 percent above October's revised estimate of $797.4 billion, the U.S. Census Bureau reported Tuesday.

Spending on private and public projects for November reached $807.1 billion, a 0.5 percent gain over November 2010, the monthly construction spending report said.

Spending on private construction was at a seasonally adjusted annual rate of $522.3 billion, 1 percent above the revised October estimate of $517.3 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $243.7 billion in November, 2 percent above the revised October estimate of $238.9 billion. Non-residential construction was at a seasonally adjusted annual rate of $278.6 billion in October, statistically little changed from the revised October estimate of $278 billion.

The estimated seasonally adjusted annual rate of public construction spending in October was $284.9 billion, 1.7 percent above the revised October estimate of $280.1 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 0.5 percent above the revised October estimate of $71.5 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 1.9 percent above the revised October estimate of $81.3 billion.