We also had reports of weaker than expected manufacturing from theNewYork Fed EmpireStateManufacturing Survey and from the Philadelphia Fed ManufacturingIndex.
TheEmpireStatemanufacturingindex released by theNewYork Federal Reserve showed a reading of (negative)- 7.8 for June, compared with expectations for a positive 12.
The upbeat news from abroad helped lift U.S. stocks as investors shook off theEmpireStateIndex, a gauge of manufacturing in NewYork that came in at negative 7.7, indicating worsening conditions and a shakier outlook.
Next up, theEmpireManufacturingIndex (designed to indicate thestate of themanufacturing sector in theNewYork region) for April was reported at 21.7, which was above the consensus expectations for a reading of 15.98.