U.S. stocks rally due to upbeat Chinese manufacturing data and earnings

U.S. Stocks Rise on Factory Data 

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  • U.S. stocks advance after better than expected data from the Chinese manufacturing sector, the Markit flash PMI Manufacturing Index for May hit a three-month high, rising to 56.2 up from 55.4 in April. Which shows that there is a higher demand overseas, especially in the United States for Chinese Exports which also concludes that growing signs of life in China’s export engine appear to result from consumers prying open their wallets a bit wider in the U.S. and Europe, which are China’s major markets.
  • The Russell 2000 index of small-capitalization stocks, which has underperformed the broader market by a wide margin in the last couple of months, jumped 1.1% on Thursday.
  •  Existing home sales rose 1.3% to an annual rate of 4.65 million units, highest in 9 months, but down from a year ago. Existing home sales expectations were at least 2% growth. 
  • The Dow Jones Industrial Average was 0.1% higher to 16,549.38 while the S&P 500 was up 0.33% to 1,894.33. The Nasdaq was 0.59% higher to 4,155.76.
  •  Crude-oil futures slipped 0.2% to $103.86 a barrel, after settling Wednesday at a one-month high. Gold futures gained 0.5% to $1,294.90 a troy ounce.
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Categories: Capital Markets

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