Market Updates
Nasdaq Surges 2.6% On Positive Economic Data
Barry Adams
03 Aug, 2022
New York City
Stocks on Wall Street gained for the second day in a row and investors looked beyond the recent tensions between the U.S. and China.
Better-than-expected data on manufacturing activities in June and a surprise rebound in service activities in July supported the market advance today.
Investors increased exposure to the beaten down tech stocks after positive economic data.
Orders for manufactured goods rose in June and marked the thirteenth increase in the last fourteen months.
June goods orders rose 2.0% to $555.2 billion, the U.S. Census Bureau reported today. Orders in June rose following the revised 1.8% increase in May.
The service sector unexpectedly at a faster pace in July, the data from the Institute of Supply Management showed Wednesday.
The Services Purchasing Managers' Index increased to 56.7 after the index dropped to a 25-month low of 55.3 in June.
"Growth continues
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