Purchase Managers’ Index Indicates Continued Expansion
Todd Peters, senior vice president at Adviser Investments, has the market analysis for Friday, September 21. Major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. indexes saw mixed results, with the Dow Jones Industrial Average hitting yet another record high after gaining an additional 0.3%. The S&P 500 fell fractionally and the NASDAQ was down 0.5%. IHS Markit released its Purchase Managers’ Index, which revealed a four-month high for manufacturing. Conversely, service-related companies fell to an 18-month low. Both manufacturing and services indexes reported levels above 50, indicative of a growing economy. Meanwhile, although Micron Technology beat sales and earnings estimates, its stock fell 3% on weak forward guidance and tariff-related concerns.