Stock Market Today: Dow Hits New Record, Nasdaq Takes a Spill
by Kyle Woodley
Jan 04, 2022
2 minutes
Monday's fairly broad market rally turned into more of a two-pronged move Tuesday as economic data and rising interest rates sparked gains in cyclical stocks.
The Institute for Supply Management's purchasing managers' index reading for December declined 2.3 points to 58.7, well below estimates for 60.0 (anything above 50 represents expansion). However, Barclays economist Jonathan Millar saw in the numbers "significant easing of supply pressures, which is an encouraging sign with disruptions
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