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At noon: U.S. stocks up 1% Add to ...

U.S. stocks rose about 1 per cent by midday after surprisingly strong manufacturing data.

The Dow Jones Industrial Average was up 119.99 points at 12,534.30, while the S&P 500 index gained 11.61 points to 1,332.25.

All the Dow's subsectors were higher. Industrials were the strongest, with a 2.3 per cent gain, followed by information technology, which rose 2 per cent.

In a closely watched survey of manufacturing conditions, the Institute for Supply Management found the sector growing more strongly than anticipated in June. Its main index spiked to 55.3 from 53.5 the previous month. The increase was unexpected; the consensus in the markets was for the index to drop to 52.

In Europe, France's CAC-40 closed up 0.6 percent to 4,007, while Germany's DAX ended up 0.6 percent to 7,419. The FTSE 100 index of leading British shares rose 0.7 percent to close at 5,990.

Crude oil slipped 1.3 per cent to $94.15 a barrel (U.S.).

Gold slid 1.1 per cent to $1,486.70.

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