NEW YORK: U.S. stocks rose on Tuesday, July 6 led by financial and TECHNOLOGY [] shares, even though data showed U.S. non-manufacturing activity grew at a slower rate than expected in June.
Financial and technology sectors led the gains, boosted by signs of strength in Europe's banking system and ahead of a large initial stock offering by the Agricultural Bank of China.
The Dow Jones industrial average rose 147.36 points, or 1.52 percent, to 9,833.84. The Standard & Poor's 500 Index jumped 16.86 points, or 1.65 percent, to 1,039.44. The Nasdaq Composite Index climbed 38.40 points, or 1.84 percent, to 2,130.19.
The U.S. non-manufacturing sector grew in June for a sixth straight month but the rate of growth slowed more than expected and hit its lowest since February, according to an industry report released on Tuesday.
The Institute for Supply Management said its index of national factory activity fell to 53.8 from 55.4 in May. The median forecast of 72 economists surveyed by Reuters was for a reading of 55.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
The report's employment component fell to 49.7 from 50.4, falling back into contractionary territory after turning positive last month and confirming weak reports on the labor market.
New orders also fell, to 54.4 from 57.1, suggesting growth may be moderating, while export orders turned negative. - Reuters
Financial and technology sectors led the gains, boosted by signs of strength in Europe's banking system and ahead of a large initial stock offering by the Agricultural Bank of China.
The Dow Jones industrial average rose 147.36 points, or 1.52 percent, to 9,833.84. The Standard & Poor's 500 Index jumped 16.86 points, or 1.65 percent, to 1,039.44. The Nasdaq Composite Index climbed 38.40 points, or 1.84 percent, to 2,130.19.
The U.S. non-manufacturing sector grew in June for a sixth straight month but the rate of growth slowed more than expected and hit its lowest since February, according to an industry report released on Tuesday.
The Institute for Supply Management said its index of national factory activity fell to 53.8 from 55.4 in May. The median forecast of 72 economists surveyed by Reuters was for a reading of 55.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
The report's employment component fell to 49.7 from 50.4, falling back into contractionary territory after turning positive last month and confirming weak reports on the labor market.
New orders also fell, to 54.4 from 57.1, suggesting growth may be moderating, while export orders turned negative. - Reuters
No comments:
Post a Comment