The ISM Manufacturing Index came in at 55.7 in October, up significantly from the 52.6 reported in September. The manufacturing sector has now registered growth for three consecutive months, with the fastest pace of growth in October since April 2006. More from Bloomberg...
Pending home sales jumped again, rising 6.1% in September to the highest level since December 2006, well above the flat reading forecast by economists, and following August’s unrevised 6.4% increase.
Construction spending unexpectedly rose by 0.8%—the largest increase in over a year—versus the consensus of economists that called for a decline of 0.2% in September. August’s data was revised from a 0.8% advance to show a 0.1% drop.
The Dow Jones Industrial Average was up 77 points (0.8%) to close at 9,789, the S&P 500 Index rose 7 points (0.7%) to 1,043, and the Nasdaq Composite advanced 4 points (0.2%) to 2,049. Crude oil was $1.13 higher at $78.13 per barrel, and the Bloomberg gold spot price rose $13.30 to $1,058.70 per ounce.
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