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New Orders Lead ISM Manufacturing Index Higher
A key nationwide survey of manufacturing conditions jumped past expectations to hit its highest level since June 2007, marking the first sign of growth in 19 months. The Institute for Supply Management’s survey climbed to 52.9 in August, against expectations for a score of just 50.5. A massive jump in New Orders was the key contributor as it soared to 64.9 in August, up almost 10 points from the impressive 55.3 level in July. That’s the highest level in the new orders index since late 2004.
ISM Manufacturing Survey & Two Housing Reports
Regional reports from around the country have indicated that manufacturing conditions were improving in August, leading analysts to believe that today’s key economic release, the ISM manufacturing index, will boast a positive number for the first time since January 2008. In the past week, equity markets have been treading softly even as good data piles in, as investors continue to believe that the 52% rise in the S&P 500 since early March was overdone.rnrnNinety minutes before the opening bell, US indexes are down between 0.5% and 0.6%. Compared to global markets, US equities are somewhere in between the gains in
Mid-Day Recap: Losses in China Drive U.S. Equities South
Stocks have had a rough day in the final session of August. After a sell-off in China hurt investor sentiment in Europe, US equity markets opened lower and have failed to bounce halfway through the day. As of 1:30, the NASDAQ is off 1.39% to 2,000, followed by a 1.22% dip in the S&P 500 to 1,016, while the Dow trades 0.95% lower at 9,453.
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