NEW YORK (Reuters) - Stocks vaulted higher in late morning trading on Friday as investors scooped up deeply discounted
technology stocks a day after worries about dwindling high-tech earnings prompted a fury of selling in the Nasdaq market.
Stocks also got a boost after fresh economic data showed the U.S. manufacturing sector contracted further last month, but not by
a much as some had feared.
The National Association of Purchasing Management's (NAPM) index of manufacturing sector activity fell to 47.7 in November
from 48.3 in October.
``It's good news for the economy,'' said Pierre Ellis, senior economist at Decision Economics. ``It's not a good situation, but it's not falling apart the way it seemed to
be.''
