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Latest Edition - Markets shake off mixed data

Cale McCulloch | October 4th, 2010

US stock markets rallied despite a spate of mixed economic data Friday night. On the economic front we had the ISM manufacturing purchasing managers index falling to 54.4 from 56.3 in August which was broadly in line with the average estimate of analysts, although weaker than August it is important to note that a reading above 50 shows expansion. We also had some better than expected data released on personal income and spending which has been the real concern for the US economy given consumers drive some 70% of US economic activity, but what really boosted the market was some positive Chinese manufacturing data which brought buying into the materials and energy sectors in particular. At the bell the Dow was higher by 42 points, or 0.4% at 10,830, the S&P500 gained 0.4% as well to 1146, while the Tech heavy NASDAQ Composite managed only slight gains of 0.1% to close at 2371.

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