Stocks began 2011 with a bang – equities leaped, powered by some strong manufacturing data in the U.S. and Europe and by a generally bullish outlook for the new year.

The Dow Jones Industrial Average climbed 93.24 points, or 0.81 percent, to 11670.75. The S&P 500 index jumped 14.23 points, or 1.13 percent, to 1,271.87, while the Nasdaq advanced 38.65 points, to 2691.52.

The Institute for Supply Management's manufacturing index rose to 57 in December, up from 56.6 in November.

Construction spending showed a 0.4 percent rise in November, following a 0.7% jump in October.

Bank of America (NYSE: BAC) surged 6.37 percent after the company reported a $3-billion mortgage settlement.

Apple Inc (Nasdaq: AAPL) climbed 2.17 percent and also saw its market cap reach and pass the $300-billion market cap.

Oil future rose modestly to $91.53 a barrel.

Bonds fell as the yield on the benchmark 10-year U.S. Treasury moved up to 3.34 percent.

European stocks indices also began the New Year with robust returns,

France's CAC-40 surged 2.53 percent and Germany's DAX gained 1.09 percent. Britain's market was closed.

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