Manufacturing rebound spurs biggest stock rally in months

After their worst August in nine years, stocks kicked off September with a big snap-back rally, following the release Wednesday of surprisingly good news about the U.S. manufacturing sector.

Manufacturing activity jumped unexpectedly in August, according to the Institute for Supply Management, which calculates an index that shows whether U.S. manufacturers are cranking up or gearing down.

The ISM index for August jumped to 56.3, up from 55.5 in July. Forecasters expected the August number to retreat to 53.2, following weeks of disappointing U.S. consumer spending and confidence data. Any number higher than 50 indicates that the economy is growing.

Read Full Article from Washington Post

- Posted: 2010-09-01 21:03:33

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