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Continuing, once again, the tradition here of ascribing failure or success of any economic event in the news to the current POTUS, the ISM manufacturing index for March was reported today at a 37-year high.
A measure of U.S. manufacturing activity soared to its highest level in more than 37 years in March, driven by strong growth in new orders, the clearest sign yet that a much anticipated economic boom was probably underway.
The Institute for Supply Management (ISM) said on Thursday its index of national factory activity jumped to a reading of 64.7 last month from 60.8 in February. That was the highest level since December 1983.
The S&P 500 index burst past 4,000 for the first time Thursday, led by technology stocks, as investors digested President Joe Biden’s $2.25 trillion infrastructure spending plan ahead of Friday’s U.S. employment report which is expected to show the fastest pace of hiring in five months.
Investors were also encouraged by data showing the U.S. manufacturing sector expanding at its fastest pace in 38 years, with new orders and employment in the sector rising also.
What are major indexes doing?
-- The Dow Jones Industrial Average was up 156 points at 33,137, a gain of 0.5%.
-- The S&P 500 rose 41 points, or 1%, to 4,013, hitting an record intraday peak at 4,006.95.
-- The Nasdaq Composite Index was gaining 216 points, or 1.6%, at 13,462.
-- On Wednesday, equity benchmarks finished mostly higher, with tech shares in the lead. The Dow shed 85.41 points, or 0.3%, while the S&P 500 advanced 0.4%, closing just shy of its record close from Friday. The tech-heavy Nasdaq jumped 1.5%.
Continuing, once again, the tradition here of ascribing failure or success of any economic event in the news to the current POTUS, the ISM manufacturing index for March was reported today at a 37-year high.
U.S. manufacturing sector index races to 37-year high in March. Thanks Biden!
That's right , biden brought back all that manufacturing to the US, and here I thought it was Trump. And thanks to biden, unemployment is at its lowest since 1969, OH wait, that was Trump too.
Damn facts keep getting in the way.
In other news, the Trump tariffs that Biden said were destructive he may keep in place now as a tool against China and to promote manufacturing in the US. Hmmm
Continuing, once again, the tradition here of ascribing failure or success of any economic event in the news to the current POTUS, the ISM manufacturing index for March was reported today at a 37-year high.
Biden has as much to do with the jump in manufacturing at this point in his term as he has to do with the price of tea in China. Trump went FOUR years with a booming economy, the lowest unemployment figures in decades, low gas prices and record setting stock market (excluding a few months due to Covid) yet democrats REFUSED to give him credit for anything. Biden darn sure isn't getting any credit for something he had nothing to do with. The only thing he has done so far is kill jobs, get us 2 Trillion more into debt, open the border to let Covid positive migrants run rampant throughout our country and further divide this country. THAT'S what I'll give him credit for.
He's riding Trumps coat tails with the stock market, we were setting consistent market records and it was on an upward trajectory before Biden was ever elected.
In other news, the Trump tariffs that Biden said were destructive he may keep in place now as a tool against China and to promote manufacturing in the US. Hmmm
Soooooooooo, Trumps tariffs were good after all I see. Waiting for Biden to take credit for that just like he tried to take credit for the vaccine and Operation Warp Speed.
Obviously the Trump economy wasn't as bad as the haters made it out to be. Even through a pandemic, and an administration change it continues to grow. Hopefully some of Biden's plans don't change this.
I'd hate to see companies offshoring/outsourcing jobs in retaliation to the tax increases. Also, Biden eliminating the restrictions on H1B visa's isn't a good thing.
The market and corporations doing well is great, but if people start losing jobs, or clamp down on consumer goods purchase we will see all this good come to a grinding halt.
Also, some companies are starting to feel the pandemic and some of the natural disasters that have happened. There is a semi conductor shortage and resin (plastics) supplies are starting to run dry. These will halt production in the automotive industry, and I'm sure others.
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