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  3. US markets end higher on Monday

US markets end higher on Monday

02 Jun 2020 Evaluate

The US markets ended higher on Monday, on hopes that the worst of the economic damage inflicted by the COVID-19 pandemic may have passed, even as states deployed National Guard units to major US cities to help quell civil unrest. All 50 states have embarked on some stage of reopening from forced shutdowns due to the pandemic. The strength on markets came following the release of a report from the Institute for Supply Management (ISM) showing US manufacturing activity contracted at a slower rate in the month of May. The ISM said its Purchasing Managers Index rose to 43.1 in May from 41.5 in April, coming in just below street estimates for a reading of 43.6. While the index rebounded from its lowest level since April of 2009, a reading below 50 still indicates a contraction in manufacturing activity. Nonetheless, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said the latest figure indicates expansion in the overall economy after April's contraction. 

Meanwhile, a report released by the Commerce Department showed a sharp pullback in US construction spending in the month of April, the decrease was much smaller than street had expected. The Commerce Department said construction spending tumbled by 2.9 percent to an annual rate of $1.346 trillion in April after inching up by less than a tenth of a percent to a revised $1.387 trillion in March. Street had expected construction spending to show an even more substantial 6.5 percent nosedive following the 0.9 percent increase originally reported for the previous month. The steep drop in total construction spending reflected significant decreases in spending on both private and public construction. Spending on private construction plunged by 3.0 percent to an annual rate of $1.004 trillion, as spending on residential construction plummeted by 4.5 percent and spending on non-residential construction slumped by 1.3 percent.

Dow Jones Industrial Average rose 91.91 points or 0.36 percent to 25,475.02, Nasdaq gained 62.18 points or 0.66 percent 9,552.05 and S&P 500 was up by 11.42 points or 0.38 percent to 3,055.73.

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