SERVICE SECTOR PERFORMS BETTER THAN EXPECTED IN FEBRUARY

The Institute for Supply Management (ISM) reported this morning that the index of non-manufacturing activity came in at 49.3, up from January's 44.6. The 49.3 reading is still slightly negative in that a reading below 50 points toward contraction, but it is very close to 50 and well above what analysts expected. Analysts surveyed by Dow Jones had predicted 46.5, while analysts polled by Reuters had expected 47.5. The relatively positive news started an early rally on Wall Street with the Dow Jones Industrial Average (DJIA) up 0.61%, the Nasdaq up 0.89%, and the S&P 500 up 0.74% at 10:07 a.m. Central.

ISM REPORT SHOWS DECLINE

The Institute for Supply Management (ISM) issued its February report that showed that the index of national factory activity declined from 50.7 in January to 48.3 in February. A reading below 50 indicates contraction and is a negative sign.