The Dow Jones Industrial Average
|Dow Jones Industrial Average||+52.45 [0.40%]||13,264.49|
The Dow started the day down but quickly reversed course at 10 a.m., when the Institute for Supply Management released its Purchasing Managers' Index, which gauges whether economic activity is expanding or contracting. Any reading above 50 indicates growth, and the higher the number, the faster the rate of change. The PMI's reading was 53.4 for March, one point ahead of February, indicating that the economy is growing at a faster pace than last month. This marks the 32nd consecutive month of manufacturing expansion. Analysts had expected the PMI to be 53.
The market rallied today on the news, finishing with a 0.4% gain. Today's rally can hardly be called a surge, though is interesting to note that 26 of the 30 Dow components rose.
Leading the pack was today's top Dow stock, Alcoa
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Dan Dzombak owns shares of holds no other position in any company mentioned. Like his Facebook page to follow his investing articles. The Motley Fool owns shares of Wal-Mart Stores. Motley Fool newsletter services have recommended buying shares of Home Depot and Wal-Mart Stores creating a diagonal call position in Wal-Mart Stores. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
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