The ISM Manufacturing Index improved to 40.1 in April from 36.3 in March, and was higher than the 38.4 forecast by economists. April showed the fourth-straight monthly improvement. New orders improved significantly, to 47.2 from 41.2 in March, and the index is nearing the 48.8 level that is consistent with an increase in manufacturing orders.Employment increased to 34.4 from 28.1 in March and prices paid were 32.0 versus 31.0, indicating that prices continue to decline, but at a less rapid rate.
University of Michigan consumer sentiment data was also released, showing a reading of 65.1, well ahead of the expectation of 61.9 which would have been in-line with the March figure.
The Dow Jones Industrial Average rose 44 points (0.5%) to close at 8,212, the S&P 500 Index gained 4 points (0.5%) to 878, and the Nasdaq Composite advanced 2 points (0.1%) to 1,719. Crude oil gained $2.08 to $53.20 per barrel, and gold lost $2.70 to $885.50 per ounce. For the week, the DJIA rose 1.7%, the S&P 500 Index gained 1.3%, and the Nasdaq Composite advanced 1.5%.
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