Dow Jones Index Boosted by Upbeat ISM Manufacturing Data
ISM Manufacturing PMI, Dow Jones Index, Economy – Talking Points
- The Dow Jones Index jumped on upbeat manufacturing data
- Manufacturing activity jumps to highest level since September 2018
- Investors await tomorrow’s Presidential Election
The Dow Jones Index continued its march higher Monday morning, as the ISM Manufacturing PMI reading for October crossed the wires at 59.3, beating expectations of 55.8. While the positive ISM data shows America’s manufacturing activity increasing for the sixth consecutive month, investors remain on edge with the 2020 Presidential Election only a day away. Still, the Dow Jones Index is trading at the highest level since last Wednesday when US stocks fell on rising Covid concerns.
Dow Jones Index (1-Min Chart)
Chart created with TradingView
October’s manufacturing report represents the highest reading in the manufacturing space since September 2018. The index’s sub-components all showed positive signs for the economy, with new orders coming in at 67.9 percent, a big jump from September’s 60.2 percent. Employment also showed a healthy increase. Out of the 18 industries in the manufacturing sector, 15 reported growth according to the ISM report.
DailyFX Economic Calendar
Outside of tomorrow’s election, this week still has several high-impact data points, including Thursday’s FOMC rate decision, and Friday’s job report when the unemployment rate is expected to drop to 7.6 percent on 600k jobs added. Still, the election remains the key risk in markets, and volatility surrounding the event may linger if the results are contested and lead to the delay of a winner being announced.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.