Time.news – A series of strong economic data pushes the New York Stock Exchange rose, with the Dow and the S&P 500 closing at record levels.
The two service sector surveys conducted separately by Markit and Ism confirm this the excellent state of health of the tertiary sector in the United States. Both are above the 60-point threshold, with the ISM leaping to its highest levels ever since the poll was created in 1997.
Toast Wall Street: the Dow Jones advanced 1.12% to 33,525.48 points and the S&P 500 rose 1.44% to 4,077.78 points. The Nasdaq gained 1.67% to 13,705.59 points.
Investors are optimistic about the reopening of the economy and a moderate rise in the 10-year US Treasury yield kept inflation concerns in check. Now the focus is on the progress of the massive infrastructure revitalization plan and on the next season of corporate profits.
Earnings on the stock market were led by sectors that have not performed well recently, including communications services, consumer goods and technology, while the 10-year yield remained below the 14-month highs recorded by the last week. Well Apple (+ 2.36%), Microsoft (+ 2.76%) and Intel (+ 3.10%). Among the stocks in evidence also Boeing which rises by 2.53%. Shares of Tesla Inc jumped 4.43%, giving one of the biggest boosts to the S&P, after the automaker posted record deliveries.
Returning to the data, in detail, the Pmi index of definitive services, elaborated by Markit, rose to 60.4 points in March from 59.8 in February, exceeding the consensus estimates (60 points). The composite index was also slightly above expectations, which also takes into account the change in the manufacturing PMI, which stood at 59.7 from the previous 59.5 points and from the expected 59.1 points. Record leap then for the Ism index of services, elaborated by the Institute for Supply Management, which flies 63.7 points from 55.3 in February and well above forecasts at 59. This is the strongest growth ever recorded in the activity of services since the creation of the survey.
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