S&P economic sectors tell bullish tale

By Prieur Du Plessis
05 August 2009 @ 08:23 am EDT

Many global stock market indices yesterday recorded fresh highs for the year, spurred on by better-than-expected economic and earnings reports, and a fair bit of momentum buying from latecomers to the rally that commenced five months ago. Notably, the ISM Manufacturing Index recorded its seventh straight gain in June. While the reading of 48.9 is still below 50 - indicating ongoing contraction in the manufacturing sector - the data point provided encouragement.

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