Stocks are rallying across the board today as data from the manufacturing surprises. Futures were already set to open higher this morning after better than expected factory data in China and the EU. The manufacturing sector in the U.S. expanded for the first time since May as the ISM index rose to 51.5 in September, up from 49.6 in August. An ISM index reading of 50 or more signals expansion.
It wasn’t all good news today though as construction spending fell by the most in a year, down 0.6% in August. The good ISM numbers have overshadowed this news today though as the Dow is up over 1% in late morning trading.
The Dow is currently up 155 points, the Nasdaq is up 21 points and the S&P 500 is up 14 points. [Read more...]