The Philly Fed’s Business Activity Index showed that business conditions in the region unexpectedly moved into a level suggesting expansion, with the index increasing from -7.5 in July to 4.2 in August. New orders and shipments both led the way, moving into expansionary territory after contracting in July. Economists surveyed by Bloomberg had predicted a level of -2.0 in the index.
The Index of Leading Economic Indicators rose 0.6% in July, just shy of the 0.7% increase expected, but June's advance was revised from 0.7% to 0.8%. This was the fourth-straight gain in the index and the Conference Board said the indicators suggest that the recession is bottoming out and that economic activity will begin recovering soon.
The Dow Jones Industrial Average gained 71 points (1.1%) to close at 9,350, the S&P 500 Index rose 11 points (0.8%) to finish at 1,007, while the Nasdaq Composite increased 20 points (1.0%) to 1,989. Crude oil rose $0.12 to $72.54 per barrel, and gold decreased $1.35 to $940.70 per ounce.
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