Wall Street rallies on upbeat manufacturing data

REUTERS: U.S. stocks rallied on Monday, starting off the new quarter on a strong note, after upbeat manufacturing numbers from the United States and China eased worries about slowing global growth.

Financial shares provided the biggest boost to the S&P 500, with bank stocks adding more than 2 percent as the benchmark 10-year Treasury yield hit a one-week high. Chipmakers, which get a large part of revenue from China, also rose. The Philadelphia Semiconductor index jumped 2.05 percent. The spread between the closely watched part of the curve turned positive on Friday after a week of being inverted.

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