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Wednesday, September 1, 2010

ISM Manufacturing Beats... Market Explodes Higher

The S&P 500 is up more than 2.5% (short covering / oversold market?) following the ISM release. Marketwatch details:

Conditions for the nation's manufacturers pick up its growth pace for the first time in four months, the Institute for Supply Management reported Wednesday. The ISM index rose to 56.3% in August from 55.5% in July. This was much stronger than expected. The consensus forecast of estimates collected by MarketWatch was for the index to fall to 53.2%. Readings above 50 indicate expansion. Below the headline, the report was also strong. The key employment index improved to 60.4% in August from July's 57.8%. Production also jumped. New orders slipped to 53.1% in August from 53.5 in the prior month.

Source: ISM