NEW YORK: Wall Street struggled to a mixed finish Monday, as a better-than-expected survey on the US services sector helped offset pessimism from last week’s grim unemployment report.
The blue chip Dow Jones Industrial Average reversed early weakness and rose 44.13 points (0.53 per cent) to close at 8,324.87.The tech-heavy Nasdaq composite however fell 9.12 points (0.51 per cent) to 1,787.40 while the Standard & Poor’s 500 broad-market index edged up 2.30 points (0.26 per cent) to 898.72.
The market opened weaker, in an extension of the downward momentum from last week, when the market was stunned by a weaker-than-expected report on US nonfarm payrolls, which fell by 467,000 in June.
But investors appeared to warm to a survey by the Institute of Supply Management on the services sector that was better than expected.The index rose to 47 per cent, which is below the level of 50 that indicates growth but ahead of analysts expectations for the key sector.
“The overall message from the ISM index for services industries in June is that the economy is gradually pulling out of the recession in a slow-motion type of process, but there are still significant headwinds,” said Brian Bethune, economist at IHS Global Insight.-- AFP
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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