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Construction, Service-Sector Economic Report at All-time High
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U S Stocks See Further Upside After Initial Jump
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March 2021 ISM and Markit Services Surveys Show Improvement
The ISM significantly improved and remained in expansion whilst the Markit PMI improved and advanced further into expansion.
Analyst Opinion of the ISM and Markit Services Survey
With the economy reopening, it comes as no surprise that both of these indices improved.
From Econoday:
Upturns in output and new orders accelerate to strong rates
Price gauges hit highest on record amid supply chain disruptions
Business optimism improves since February
March PMITM data indicated a substantial increase in business activity across the U.S. service sector, and one that was the steepest for almost seven years. Contributing to the marked upturn in output was the fastest expansion in new business for six years, reflecting strengthening client demand. Firms also registered a renewed rise in new export orders. Meanwhile, rates of input cost and output charge inflation reached fresh record peaks, as firms sought to pass on steep ris
U.S. Service Sector Growth Accelerates Much More Than Expected In March
WASHINGTON (dpa-AFX) - Growth in U.S. service sector activity saw a substantial acceleration in the month of March, according to a report released by the Institute for Supply Management on Monday.
The ISM said its Services PMI surged up to 63.7 in March from 55.3 in February, with a reading above 50 indicating growth. Economists had expected the index to rise to 58.5.
The jump lifted the Services PMI to an all-time high, surpassing the previous record high of 60.9 set in October of 2018. Respondents comments indicate that the lifting of coronavirus (COVID-19) pandemic-related restrictions has released pent-up demand for many of their respective companies services, said Anthony Nieves, Chair of the ISM Services Business Survey Committee.
Dow, S&P 500 Reach New Record Highs On Strong Economic Data
WASHINGTON (dpa-AFX) - With traders returning to their desks following the long holiday weekend, stocks have moved mostly higher in morning trading on Monday. The advance on the day has lifted the Dow and the S&P 500 to new record intraday highs.
In recent trading, the major averages have reached new highs for the session. The Dow is up 362.78 points or 1.1 percent at 33,515.99, the Nasdaq is up 180.01 points or 1.3 percent at 13,660.12 and the S&P 500 is up 49.95 points or 1.2 percent at 4,069.82.
The rally on Wall Street comes as traders finally have an opportunity to react to the monthly jobs report, which was released while the markets were closed on Friday.
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