U.S. stocks kicked off the first trading session of March to the upside, as oil prices gained steam, eclipsing $34 a barrel. Investors seemed to dismiss weaker than expected manufacturing data out of China, as the world’s second largest economy shifts to a consumption based economy. China’s Purchasing Managers’ Index for January stood at 49. A reading below 50 signals declining manufacturing activity. ‘These numbers aren’t anything new and they’re not to be unexpected,’ said James Hughes, chief market analyst with GKFX, based in London. ‘We’ve seen the manufacturing data from China continue to fall recently.’ Meanwhile, Dollar Tree (DLTR) reported fourth quarter earnings of $1.01 a share, missing estimates of $1.07 a share. Revenue also fell short of Wall Street’s forecasts. Though comparable store sales rose 1.7%. Finally, Canadian drug maker Valeant Pharmaceuticals (VRX) said it is being investigated by the Securities and Exchange Commission on its ties to pharmacy Philidor. TheStreet’s Scott Gamm reports from Wall Street.
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