Stocks rise...Auto sales up in April...Construction spending drops

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NEW YORK (AP) — Stocks are climbing in early trading on Wall Street, bouncing back from yesterday's steep drop. LinkedIn plunged 21 percent after the online networking service gave a disappointing earnings forecast. Expedia jumped after turning in sales results that topped Wall Street's estimates. With May 1 a holiday in much of the world, most Asian and European markets are closed today.

DETROIT (AP) — Automakers are reporting their April sales numbers today. Ford says its U.S. sales rose 5 percent for its best April in nine years. General Motors says its U.S. sales rose 5.9 percent as Americans snapped up small and midsize SUVs. Fiat Chrysler's U.S. sales rose 6 percent, while Nissan's were up 5.7 percent.

WASHINGTON (AP) — The Commerce Department says construction spending dropped 0.6 percent in March as an increase in nonresidential construction was offset by declines in home building and government projects. Construction activity has fallen or shown no gain in four of the past five months, a sign of the economic toll from a severe winter.

WASHINGTON (AP) — U.S. factories expanded in April at the same pace as in March, but there's a sign of possible weakness: Manufacturers are starting to curtail hiring. The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index was unchanged at 51.5, after dropping the previous five months. Any reading above 50 signals expansion. New orders and productivity improved in April, but the hiring component of the index slipped below 50 to 48.3, suggesting the possibility of layoffs and less hiring.

WASHINGTON (AP) — Americans seem to be growing more optimistic about the economy. The University of Michigan says its consumer sentiment index rose in April to its second-highest level since 2007. The index rose to 95.9 from 93 in March. Only January's reading of 98.1 has been higher since 2007, the year the Great Recession began.