The ISM Manufacturing Index declined to 55.5 in July from 56.2 in June, better than the fall to 54.5 that was expected. The reading marks the twelfth consecutive month the manufacturing sector has been above the 50 level that separates contraction versus expansion.
Construction spending unexpectedly increased, rising 0.1%, compared to the 0.5% decline that was expected, but May’s 0.2% decline was revised to a 1.0% drop. Residential construction spending fell, but nonresidential spending moved higher.
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The Dow Jones Industrial Average jumped 208 points (2.0%) to close at 10,674, while the S&P 500 Index rose 24 points (2.2%) to finish at 1,126, and the Nasdaq Composite gained 41 points (1.8%) to 2,295. Crude oil rose $2.52 to $81.47 per barrel, and the Bloomberg gold spot price gained $0.85 to $1,181.85 per ounce.
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