Equity markets rallied on Tuesday as investors rejoiced over encouraging manufacturing data on the home front. Major indexes started off the day with a bang and climbed higher throughout the session, only to give into a wave of profit-taking in the final hour of trading before the closing bell. On Wall Street, the S&P 500 Index took the lead, gaining 0.57% on the day, while the Nasdaq lagged behind, inching higher by just 0.13% as the day drew to a close [see also Five ETF Lessons In Pictures]. Better-than-expected manufacturing data bolstered confidence in the domestic recovery; the ISM figure for April came in at 54.8%, sailing past estimates of 53.3% as well as last month’s reading of 53.4%. Construction spending on the other hand was mixed; this figure grew by 0.1%, falling short of the 0.5% estimate, but ultimately improving quite considerably from the previous reading of negative 1.4%. In [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: UNG Bounces Back, VXX Tumbles Daily ETF Roundup: UNG Rises Ahead Of Storage Data, VXX Loses 50% For The Year Seven Surprising ETF Performance Comparisons Daily ETF Roundup: VXX Spikes After Fed Minutes, UNG Down On Strong Dollar Daily ETF Roundup: VXX Surges On French Downgrade, UNG Stumbles On Natural Gas Outlook
Equity markets rallied on Tuesday as investors rejoiced over encouraging manufacturing data on the home front. Major indexes started off the day with a bang and climbed higher throughout the session, only to give into a wave of profit-taking in the final hour of trading before the closing bell. On Wall Street, the S&P 500 Index took the lead, gaining 0.57% on the day, while the Nasdaq lagged behind, inching higher by just 0.13% as the day drew to a close [see also Five ETF Lessons In Pictures]. Better-than-expected manufacturing data bolstered confidence in the domestic recovery; the ISM figure for April came in at 54.8%, sailing past estimates of 53.3% as well as last month’s reading of 53.4%. Construction spending on the other hand was mixed; this figure grew by 0.1%, falling short of the 0.5% estimate, but ultimately improving quite considerably from the previous reading of negative 1.4%. In [...]
Click here to read the original article on ETFdb.com.
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