The US markets ended higher on Monday on the eve of Election Day, despite selling in technology shares. Sentiment got boost after the report from the Institute for Supply Management (ISM) showed growth in US manufacturing activity accelerated by much more than expected in the month of October. The ISM said its purchasing managers index climbed to 59.3 in October from 55.4 in September, with a reading above 50 indicating growth in manufacturing activity. Street had expected the index to inch up to 55.8. Manufacturing performed well for the third straight month, with demand, consumption and inputs registering growth indicative of a normal expansion cycle, said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
He added while certain industry sectors are experiencing difficulties that will continue in the near term, the overall manufacturing community continues to exceed expectations. Meanwhile, a separate report from the Commerce Department showed construction spending in the US increased by less than expected in the month of September. Among the prominent gainers today were shares from the energy sector. These stocks saw some brisk buying after crude oil prices moved higher despite persisting worries about outlook for energy demand.
Dow Jones Industrial Average rose 423.45 points or 1.6 percent to 26,925.05, Nasdaq gained 46.02 points or 0.42 percent to 10,957.61 and S&P 500 was up by 40.28 points or 1.23 percent 3,310.24.
