The stock market today saw the Dow ending 240 points lower as bond yields climbed. The S&P 500 traded near unchanged, and the Dow Jones Industrial Average edged further into negative territory after a closely watched survey of U.S. manufacturing activity unexpectedly returned to expansion territory.
The Institute for Supply Management’s manufacturing index rose to an 18-month high of 50.3% in March from 47.8% in the prior month, surpassing economists’ predictions. Figures above 50% signal an expansion in activity. The strong data appeared to fuel a selloff in Treasurys, sending yields higher and softening stock indexes.
March marked the first time in 17 months that the barometer of business conditions at American manufacturers turned positive, indicating a potential revival in the industrial sector.
The DJIA (Dow Jones Global) closed at 39,180.02, showing a 0.02% increase, while the S&P 500 (S&P US) closed at 5221.14, with a 0.29% increase. The Nasdaq (NASDAQ) closed at 16,320.78, up by 0.49%.
