With many global markets closed and on light volume, U.S. stock indexes advanced as the Institute for Supply Management Report (ISM) came in stronger than expected, opposite yesterday’s bust in the Purchasing Managers Index, and gave hope for better economic activity ahead.
The Dow Jones Industrial Average (NYSEARCA:DIA) reached levels not seen since 2007 while recession continues to spread in Europe and Monday evening reports indicate that Japan’s economy contracted 0.8% in March.
In spite of today’s advance, major indexes were not able to keep the day’s highs and rolled back sharply in the last half hour of trading.
For the day, the S&P 500 (NYSEARCA:SPY) added 0.6%, the Dow Jones Industrial Average (NYSEARCA:DIA) climbed 0.5%, the Nasdaq 100 (NYSEARCA:QQQ) was up 0.12%, the Russell 2000 Index (NYSEARCA:IWM) tracking small cap stocks fell -0.12%.
Components of the ISM report were also positive with new orders rising and employment numbers coming in positive, as well.
Tomorrow brings factory orders and ADP employment reports.