The stock market defied economic data and rallied yesterday. The SP500 was up 1.5% and the Nasdaq lifted 1.6% The question is why. To start with the data released yesterday was the ISM Non manufacturing PMI. (ISM) Non-Manufacturing Purchasing Managers' Index (PMI), know as ISM Services PMI, report on business conditions for the non-manufacturing sector. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding. The estimate of 54.5 was beaten by the actual release of 55.1. Initially we sold off and then rallied closing at highs on the week.
📈Why Did The Stock Market Rally Yesterday?
📈Why Did The Stock Market Rally Yesterday?
📈Why Did The Stock Market Rally Yesterday?
The stock market defied economic data and rallied yesterday. The SP500 was up 1.5% and the Nasdaq lifted 1.6% The question is why. To start with the data released yesterday was the ISM Non manufacturing PMI. (ISM) Non-Manufacturing Purchasing Managers' Index (PMI), know as ISM Services PMI, report on business conditions for the non-manufacturing sector. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding. The estimate of 54.5 was beaten by the actual release of 55.1. Initially we sold off and then rallied closing at highs on the week.