The ISM Manufacturing Index fell from 36.2 in November to 32.4 in December, shy of the forecast of 35.4 and below the low of 35.5 reached in the severe recession of 1982. Employment fell from 34.2 to 29.9 and new orders, a key component of the index, fell from 27.9 to 22.7. With demand quickly receding, prices paid fell to a fresh 60-year low, dropping from 25.5 to 18.0, signaling that the excess supply of raw materials is putting downward pressure on prices.
The Dow Jones Industrial Average gained 258 points (2.9%) to close at 9,035, the S&P 500 Index increased 29 points (3.2%) to 932, and the Nasdaq Composite advanced 55 points (3.5%) to 1,632. Crude oil gained $1.74 to $46.34 per barrel, and gold fell $7.30 to $877.00 per ounce. For the week, the DJIA rose 6.1%, the S&P 500 Index gained 6.8%, and the Nasdaq Composite advanced 6.7%.
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