The Institute for Supply Management released their August 2010 manufacturing report today, and the report shows that 11 of 18 total manufacturing industries grew in August. Additionally, PMI (the Purchasing Managers Index) rose to 56.3 in August. PMI is considered an important economic indicator because its number can indicate the beginning and end of a recessionary environment, and numbers above 50 are usually a good sign of industry expansion. You can go here to see the full report.
Furthering investor optimism, Apple Inc (NASDAQ: AAPL) announced significant changes to its iPod line of products, iTunes and to Apple TV—which can connect viewers to Netflix Inc (NASDAQ: NFLX), YouTube and their home video and music library on iTunes. AAPL rose more than 7 percent as a result of this news.
The Dow Jones Industrial Average rose 254.75 points to 10,269.47. The Nasdaq rose 62.81 points to 2,176.84 and the S&P 500 climbed 30.96 points to 1,080.29.
European markets were up while Asian markets were mixed. Japan’s Nikkei was up Wednesday after falling to a 16-month low on Tuesday.
Stocks in the news: Sony Corp (NYSE: SNE), Burger King Holdings Inc (NYSE: BKC), Verizon Communications Inc (NYSE: VZ).
