Dow Jones industrial average hits highest mark since 2007
New York, May 2 (ANI): The Dow Jones industrial average reached its highest close in more than four years following an accelerated growth in its manufacturing within 10 months, an industry survey firm has revealed.
According to the Institute for Supply Management, manufacturing expanded last month at the strongest pace since June leading a rise in orders, hiring and production as well.
The manufacturing news jolted stock indexes with a sharp increase. The Dow added 65.69 points to 13,279.32, its highest closing mark since Dec. 28, 2007, during the first month of the Great Recession.
"It definitely changed the direction of markets. It's gotten to a point over last 10 years where it's better to manufacture here than in pretty much any other developed country in the world," CBS News quoted Jack Ablin, Chief Investment Officer at Harris Private Bank, as saying.
Ablin noted the irony of the ISM report in which Europe's debt crisis has knocked markets around for months, but have made U.S. manufacturers look more attractive to companies.
Sam Stovall, Chief Equity Strategist at S and P Capital IQ expected the U.S. economic recovery is solid despite turmoil in Europe and weaker job creation in March.
"I think investors are encouraged there's at least one place in the world where it's still worth investing. They're not ready to give up on this bull market yet," Stovall said.
Other indexes also showed a leap with The Standard and Poor's 500 index rising to eight points to 1,406 while the Nasdaq composite climbed four points to 3,050. (ANI)
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