Boosted by news of a higher-than-expected jump in the Institute for Supply Management’s purchasing managers’ index, the Dow jumped 3.2 percent to 265 today!
The December ISM index, a reading on manufacturing, showed a surprisingly large jump to 54.7 from 49.2 in November, when economists were expecting a rise to only 50.1. It marked the first time the sector has shown growth since August; [emphasis mine] a reading above 50 is considered a sign of expansion in the sector.
“It’s all the ISM number. We started the morning where it seemed like no one was gonna invest, and then all of a sudden, the number comes out and the buyers are back. It’s kind of a big surprise,” said Brian Finnerty, managing director at Melhado Flynn & Associates. […]
Go economy!