The ISM Non-Manufacturing Index rose from 44.6 in January to 49.3 in February, beating the estimate of 47.3. New orders jumped from 43.5 to 49.6, and prices paid eased from 70.7 to 67.9. The index remains below 50, indicating that economic activity has stalled.
Nonfarm productivity in 4Q was revised from an annual rate of 1.8% in the preliminary figure to 1.9%, just ahead of the forecast of 1.8%.
The Fed's Beige Book, that summarizes business activity of all the twelve regions in the US, was released and suggested that "economic growth has slowed since the beginning of the year."
Details from Bloomberg...
The Dow Jones Industrial Average gained 41 points (0.3%) to close at 12,255, the S&P 500 Index rose 7 points (0.5%) to 1,334, and the Nasdaq Composite advanced 13 points (0.6%) to 2,273. Crude oil finished up $5.00 to $104.52 per barrel, and gold rose $24.30 at $990.60 per ounce.
Magnificent Seven Update
