In recent trading, the major averages have climbed well off their lows for the young session, but they remain stuck in the red. The Dow is down 47.30 points or 0.3% at 16,521.98, the Nasdaq is down 13.48 points or 0.3% at 4,370.41 and the S&P 500 is down 6.77 points or 0.4% at 1,932.22.
The early weakness on
With the bigger than expected increase, the ISM said the non-manufacturing index reached its highest reading since its inception in January of 2008.
A separate report from the
While the data points to an upbeat economic outlook, it also fuels speculation that the Federal Reserve may raise interest rates sooner than anticipated.
"While of course something to root for, it again brings the policy of the Federal Reserve front and center and that is why good economic news is not translating into better stock market performance," he added.
Nonetheless, traders seem somewhat reluctant to make any significant moves, limiting the downside for the broader markets.
Most of the major sectors are showing only modest moves, although some weakness is visible among oil service, gold, and steel stocks.
In overseas trading, stock markets across the
Meanwhile, the major European markets are seeing modest strength on the day. While the
In the bond market, treasuries have moved to the downside on the heels of the upbeat economic data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.7 basis points at 2.518%.
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