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  • The Dow Jones Industrial Average rose 215.61 points, or 0.76%, to 28,645.66.
  • The S&P 500 added 26.34 points, or 0.75%, to 3,526.65.
  • The Nasdaq Composite added 164.21 points, or 1.39%, to 11,939.67.   

The US benchmarks were buoyed by strong US data and investors once again backing the tech sector in Apple’s request of suppliers to make at least 75 million 5G iPhones for later in the year. 

Subsequently, both the NASDAQ and the S&P 500 pushed to fresh closing records.

The Dow Jones Industrial Average added 215.61 points, or 0.76%, to 28,645.66, the S&P 500 put on26.34 points, or 0.75%, to 3,526.65 and the Nasdaq Composite added 164.21 points, or 1.39%, to 11,939.67.  

US data impress

The August ISM manufacturing rose to 56.0, stronger than the 54.8 expected and up from 54.2 in July.

The data confirmed manufacturing has been able to continue its recovery despite the summer surge in COVID-19 infections.

It was the highest reading for the index since November 2018. New orders jumped to their highest since April 2004. But jobs continue to contract. The employment sub-index was 46.4  from 44.3,

analysts at ANZ bank explained.

This data came on the heels of the factory activity in China which too expanded and at the fastest rate in nearly a decade in August, boosting market sentiment overnight and at the European open.

Eurozone manufacturing activity also grew last month to stay on a path toward recovery.

However, factory managers remained wary about investing and hiring more workers. Additionally, the July euro area unemployment rate rose to 7.9% from 7.7% in June, despite ongoing relaxation in COVID-19 measures in most countries.

S&P 500 levels

 

Expert score

5

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