Stocks posted marginal gains this morning as the Conference Board reported that its index of leading economic indicators rose 9.6 percent in July, posting its fourth consecutive monthly gain and suggesting that an economic recovery has begun.
Overall, six of the 10 indicators showed positive results for the month, three were negative and one was steady. The interest rate spread was the largest positive contributor, while a reading on consumer expectations was the largest negative contributor.
The six-month growth rate for the overall index hit rose to 3 percent, its highest level since mid-2004, according to the Conference Board. In the prior six months, the index fell 2.8 percent.
Meanwhile, manufacturing firms in the Philadelphia region said business was improving in August, the first increase in nearly a year, the Federal Reserve Bank of Philadelphia reported today. The Philly Fed index rose to 4.2 in August from negative 7.5 in July, the bank said.
Most of the local stocks in the BizTimes Stock Index did not share in the broader market's gains this morning, with local decliners outnumbering advancers. The largest local decliners this morning were Joy Global Inc. (down $1.41 to $38.55) and Bucyrus International Inc. (down 52 cents to $31.38). The largest local advancers this morning were A.O. Smith Corp. (up $1.56 to $40.22) and Briggs & Stratton Corp. (up 51 cents to $18.46).
Conference Board index points to recovery
Operand type clash: text is incompatible with int
advertisement
Sorry, the story you tried to comment on is not accepting comments.