Stocks hit session highs after strong ISM report
The major averages built on their earlier gains after the release of stronger-than-expected U.S. services data. The Dow Jones Industrial Average traded more than 200 points higher, or 0.8%. The S&P 500 gained 1%, and the Nasdaq Composite rallied 1.8%.
Services data shows surprise rebound
Investors received some positive economic news on Wednesday morning.
The ISM non-manufacturing purchasing managers index showed a surprise rebound in July. The reading came in at 56.7, above 55.3 in June. Economists surveyed by Dow Jones were expecting 54.
June factory orders also came in better than expected, rising 2%. Economists surveyed by Dow Jones were expecting a gain of 1.2%.
— Jesse Pound
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