Home Daily Blitz Happy Holiday? Dow Narrowly Misses Record Close on Data Surprise as Nasdaq Falls
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Happy Holiday? Dow Narrowly Misses Record Close on Data Surprise as Nasdaq Falls

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The following is an excerpt from Ben Levisohn | July 3, 2017 | Barrons.com |

The S&P 500 finished higher today--and the Dow Jones Industrial Average narrowly missed a new all-time high--on better-than-expected economic data. Unfortunately for the Nasdaq, that only meant a continuation of the rotation out of tech into economically sensitive oil and bank stocks today.

The S&P 500 finished higher today--and the Dow Jones Industrial Average narrowly missed a new all-time high--on better-than-expected economic data. Unfortunately for the Nasdaq, that only meant a continuation of the rotation out of tech into economically sensitive oil and bank stocks today.

The rise in the ISM manufacturing index to 57.8 in June, from 54.9, leaves it at its highest level in nearly three years and supports our view that annualised GDP growth has rebounded quite strongly in the second quarter.

The rise was much better than the consensus expectation of 55.2 and was driven by a broad-based improvement in most of the sub-indices. The production index rose to 62.4, from 57.1, which would normally be consistent with manufacturing output rising at a 4%-5% annualised pace.

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