Good Chicago PMI numbers send stocks on fire
Wall Street needs a rally in order to erase its losses for the April-June period and got just that in early trading after the Chicago purchasing managers index came in at a reading of 61.1, well above the 54 expected. Prices paid were considerably lower in June (the lowest reading since November in fact) thanks in large part to oil prices that moderated to levels below $95 a barrel.
The Chicago PMI wasn’t all great news – the employment portion of the reading fell to its lowest level since December – but it was plenty to extend an opening advance to triple digits for the Dow Jones industrial average, which was up 123 points to 12,385 in the first 30 minutes of trading. The S&P 500 was up 11 points to 1,318, and the Nasdaq 25 points to 2,766. To completely erase the quarter’s losses the Dow needs to finish above 12,319, the S&P 500 1,326 and the Nasdaq 2,781.