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t slowdown.
"The economy has passed the tipping point risk and growthlooks poised to resume a 3-percent-plus rate of gross domesticproduct growth in the second half of the year," said ChrisRupkey, chief financial economist at Bank of Tokyo-MitsubishiUFJ in New York.
Major U.S. stock indexes were poised to record their bestweek in nearly a year.
The Dow Jones industrial average .DJI was up 159.39points, or 1.28 percent, at 12,573.73. The Standard & Poor's500 Index .SPX was up 16.63 points, or 1.26 percent, at1 kids uggs outlet ,337.27. The Nasdaq Composite Index .IXIC was up 39.31points, or 1.42 percent, at 2,812.83.
In Europe, the FTSEurofirst 300 .FTEU3 index of topshares closed 0.76 percent higher.
Prices of benchmark 10-year U.S. Treasury notes US10YT=RRfell 13/32 kids uggs outlet , driving yields up to 3.2084 percent, after the U.S.manufacturing report.
Gold prices XAU= fell as low as $1,481.70 an ounce, theirweakest since May 17, as investors were relieved about theapproval of Greece's austerity package on Thursday, which easedfears of an imminent default by the Greek government.
In another sign of improved risk appetite, a key index ofU.S. subprime mortgage bond prices rose on Friday. The rise inthe benchmark ABX index was triggered by the positivedevelopments in the Greek sovereign debt crisis and by thesuspensions of the New York Fed's Maiden Lane II auctions,Thomson Reuters' IFR said. [ID:nIFR1lWR3c]
The Maiden Lane II portfolio was created during the depthsof the financial crisis to absorb the risky "private-label"mortgage securities from AIG (AIG.N), and help prevent thecollapse of what was then the world's largest insurer.
FACTORY SLOWDOWN ELSEWHERE
StillNFL Shop In 2010, investors remained concerned about the prospects forthe global economic recovery as manufacturing data from otherparts of the world were more sobering. [ID:nL3E7I11C0]
In Asia and Europe, purchasing managers' indexes slid tomulti-month lows in June as factories fought weaker consumerdemand overseas and tightening monetary conditions at home.
U.S. crude oil prices CLc1 fell 0.95 percent to $94.50 abarrel after a report showed the Chinese factory sector grew atits slowest pace in 28 months. China is the world's largestconsumer of raw materials. [ID:nL3E7I104E]
"There is no doubt that the growth rate is slowing," saidPeter Dixon kids uggs outlet , an economist at Commerzbank in London. "There isnothing in the offing suggesting a rebound -- we are in for afew months of slower growth," he said.
The U.S. dollar rallied broadly after the ISM report butsubsequently erased its gains. It was flat against a basket ofmajor currencies, according to the U.S. dollar index .DXY.The euro last traded at $1.4509 kids uggs outlet , up 0.03 percent on the day. (Additional reporting by Claire Milhench, Edward Krudy, JanHarvey, Chris Reese and Nick Olivari; Editing by Chizu Nomiyamaand Dan Grebler)
SYDNEY May 2 - The dollar rebounded fromthree-year lows and U.S. crude slid more than 1 percent onMonday on the back of news that a U.S.-led