The ISM Non-Manufacturing Index for February fell to 41.6 from 42.9 in January, but was higher than the survey expectation of 41.0. The index for new orders fell to 40.7 from 41.6. Prices paid increased to 48.1 from 42.5, indicating a slower decrease in prices during the month.
The Federal Reserve Beige Book which includes information on monthly regional economic conditions reported weaker conditions or declines in most districts. Lending fell and credit availability remained tight and housing “remained in the doldrums in most areas.” They noted that “consumer spending remained very weak on balance, albeit with slight firming noted by many districts.” They added that reports on manufacturing activity suggested “steep declines in activity in some sectors and pronounced declines overall.” Exceptions to the economic weakening included food production and pharmaceuticals.
The Dow Jones Industrial Average rose 150 points (2.2%) to close at 6,876, the S&P 500 Index gained 17 points (2.4%) to 713, and the Nasdaq Composite increased 33 points (2.5%) to 1,354. Crude oil rose $3.73 to $45.38 per barrel, and gold decreased $10.43 to $905.85 per ounce.
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