The Philadelphia Federal Reserve Bank's Business Activity Index unexpectedly dropped from an 8.2 reading in November to -5.7 in December, below the estimate of 6.0. A reading above zero indicates expansion. Although manufacturing contracted, new orders increased from 3.5 to 10.7.
The Dow Jones Industrial Average rose 39 points (0.3%) to close at 13,246, the S&P 500 Index gained 7 points (0.5%) to 1,460, and the Nasdaq Composite advanced 40 points (1.5%) to 2,641. Crude oil dipped $0.18 to $91.06 per barrel, and gold ended $2.10 lower at $799.00 per ounce.
Magnificent Seven Update
