What do you do after ending seven straight months of gains? You start the next month off in style and set a record. That is what happened today in the Dow Jones Industrial Average
With the majority of European and a handful of Asian Markers closed today for May Day holiday, the macroeconomic situation in the U.S. was the center of attention. After receiving preliminary reports of slowing manufacturing numbers, the ISM reported April's manufacturing growth and the index rose to 54.8%, compared to 53.4% a month earlier. The figure reported was higher than expected, giving a sense that the economy still contains some steam to keep forging ahead. The ISM numbers help the S&P 500 which closed up 0.57%, buoyed by the energy sector.
A Dow component that benefited from the manufacturing report was Alcoa
Outside of Alcoa, technology manufacturers shared in the rally. Intel (Nasdaq; INTC) and Hewlett-Packard
Outside of the Dow, Chesapeake Energy
The foolish takeaway
At the end of the day, the markets were greatly influenced by the good news coming from U.S. manufacturing sectors. Tomorrow, before we kickoff another day with the news revolving around debt issues in Europe or continued growth in China, it is important to stay attuned to economic issues in the United States. With that in mind, I would like to recommend a link that details three U.S companies that are well positioned to be key players in the world's arena. This free report will give you three well known companies that have balance sheets set to dominate emerging markets.
Joel South owns shares of no company listed above. The Motley Fool owns shares of Intel. Motley Fool newsletter services have recommended buying shares of Chesapeake Energy and Intel. The Motley Fool has a disclosure policy. We Fools may not 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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