Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 2nd of January.
Stocks continue to see considerable strength after moving sharply higher at the open. The markets continue to benefit from a positive reaction to news of the last-minute fiscal cliff deal in Washington, but will it last?
The news about the fiscal cliff agreement has largely overshadowed a report from the Institute for Supply Management showing a rebound by manufacturing activity in the month of December.
The ISM said its purchasing managers index climbed to 50.7 in December from 49.5 in November, with a reading above 50 indicating an expansion by the manufacturing sector. Economists had expected the index to climb to 50.5.
A separate report from the Commerce Department showed an unexpected drop in construction spending in the month of November.
Let's see what the Trade Triangles say about the markets today.