By msnbc.com news services
Shares of PF Chang's China Bistro are among the biggest market movers Tuesday, surging 30 percent to $51.57 after the restaurant chain agreed to be bought by a private equity firm.
Other market movers included Chesapeake, which climbed 7.9 percent to $19.89 after the nation's No. 2 natural gas producer said it will name an independent, non-executive chairman to replace Aubrey McClendon. The company will also end a controversial program that has granted McClendon minority stakes in Chesapeake's wells.
Huntsman Corp jumped 8.7 percent to $15.39 after profit nearly tripled on higher prices for its chemicals.
Healthcare stocks also rose, boosted by Molina Healthcare Inc, which advanced 7 percent to $27.43 after the company's earnings topped estimates.
Boosting the overall stock market Tuesday was data that showed the manufacturing sector expanded in April, easing jitters about a slowdown in the economic recovery.
The pace of growth in U.S. manufacturing picked up in April to its highest level in 10 months, suggesting the economy still had some resilience after indications it had lost momentum at the start of the second quarter.
"The American economy is not as weak as some may perceive and although it has stagnated a bit here, the American economy is doing very well," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
"The fly in the soup is Europe. You have to keep an eye on these bond markets, and as long as Spain and Italy stay below six percent in terms of bond yields, that is a green light to buy stocks."
For a complete list of the latest market movers click here.
Reuters contributed to this report.
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