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Factory Index Rockets To Best Gain Since '91 As Purchasers Hit Gas ISM Gauge Turns Positive All components improve, but orders are brightest, with best rise in 22 years.(A)
Byline: CHRISTINA WISE
An upbeat report from manufacturers helped start the new year off on a positive note.
The Institute of Supply Management's manufacturing index surged to 54.7 in December, its best reading since June and its biggest jump since June 1991.
That was far ahead of November's 49.2 and 48.1 in December 2001. It also beat the 50 that economists had forecast.
Readings above 50 indicate expansion, below 50 contraction.
The news sent stocks and the dollar flying and bonds tumbling. The S&P tacked on 3.3% and the Nasdaq 3.7%. The yield on the 10-year T-note soared over 4%.
"The manufacturing sector rebounded in December," said Norbert Ore, the survey's chairman. "The question at this point is whether the manufacturing sector can continue to gather momentum during the first quarter."
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