Yesterday’s Institute for Supply Management’s survey of manufacturers for January delivered a strong dose of optimism for thinking that the expansion has a head of steam. As an early look at how the economy fared last month, this index’s rise to its highest level in seven years signals that the growth is still bubbling in the new year. The U.S. stock market took the hint and posted a strong rally yesterday. In fact, equities have more or less regained all the losses suffered during the Great Recession.