The Dow, S&P500, and Nasdaq index all managed to close the day higher on Tuesday, 01 February 2022, thanks to ongoing bargain hunting following a terrible January. Meanwhile, the ongoing climb was boosted by a strong reaction to recent earnings news.
The Dow Jones Industrial Average index rose 273.38 points, or 0.78 percent, to 35,405.24 at the close of trading. The S&P500 index rose 30.99 points to 4,546.54, up 0.69 percent. The Nasdaq Composite Index increased by 106.12 points, or 0.75 percent, to 14,346.
UPS stock rose after the delivery giant posted better-than-expected fourth-quarter earnings, issued upbeat guidance, and increased its dividend, reports businessstandard.com.
After releasing fourth-quarter profits and announcing a new $10 billion share repurchase program, energy behemoth ExxonMobil saw a big surge to the upside.
Manufacturing PMI Growth In The United States Continues To Slow In January- The Institute for Supply Management reported on Tuesday that the US manufacturing PMI dropped to 57.6 in January from a revised 58.8 in December, while a number above 50 still indicates expansion in the sector. For the third month in a row, the index fell, falling to its lowest level in almost a year.
The headline index continued to fall in January, with the new orders index falling to 57.9 from 61.0 in December and the production index falling to 57.8 from 59.4. The employment index, on the other hand, increased to 54.5 in January from 53.9 in December, indicating a minor acceleration in the rate of job growth, according to the report. The price index also increased to 76.1 in January from 68.2 in December, indicating that price growth has resumed after a significant pause in December.
Construction costs in the United States increased by 0.2 percent. The month of December- The Commerce Department announced on Tuesday that US construction spending increased by 0.2 percent to $1.640 trillion in December, after increasing by 0.6 percent to $1.637 trillion in November. The increase in housing construction came as private construction spending increased by 0.7 percent to $1.293 trillion on an annual basis. Residential construction investment increased by 1.1 percent to $810.3 billion, whereas non-residential construction spending remained almost steady at $482.6 billion. Meanwhile, investment in public buildings fell by 1.6 percent to $347.0 billion on an annual basis, according to the study.