Dow back up 2.54% on strong ISM manufacturing data
The Dow Jones Industrial Average bounced back up Wednesday, as investors liked what they saw from the latest manufacturing data. After the worst August in a decade with a 4.3% decline for the month, the benchmark index of 30 blue chip stocks rose 254.75 points, or 2.54%, to close at 10,269.47. Earlier Wednesday, the Institute for Supply Management reported its August manufacturing index came in at 56.3, beating consensus estimates of 53 and up from 55.5 for July. The ISM said the economic activity in the manufacturing sector rose for the 13th consecutive month. A monthly reading of more than 50 indicates expansion in the sector. The S&P 500 rose 30.26 points, or 2.88%, Wednesday to 1,079.59, and the Nasdaq Composite climbed 61.82 points, or 2.92%, to 2,175.85. Write to Jason Philyaw.