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U.S. Stocks Rise After Strong Data on Services Activity in July

Stock Markets Aug 03, 2022 09:47AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks rose on Wednesday after unexpectedly strong data on services activity in July after the international cartel of oil-producing nations agreed to lift production by another 100,000 barrels a day in September.

At 10:17 AM ET, the Dow Jones Industrial Average was up 219 points or 0.7%, while the S&P 500 rose 1%, and the NASDAQ Composite rose 1.7%.

Data on non-manufacturing PMI showed an unexpected gain in July, to 56.7, from expectations of 53.5 and a June reading of 55.3.

Stocks also are rebounding after House Speaker Nancy Pelosi’s historic visit to Taiwan, a center of global chipmaking that was the focus on China-U.S. tensions over her visit, the first since the late 1990s for a House Speaker.

Pelosi reportedly left the island without military action by China, which had planned military drills near Taiwan later this week.

The rise in oil production could help lower oil prices, though they have been coming down anyway in recent weeks. Still, oil majors such as BP PLC ADR (NYSE:BP) have been reporting record profits in the recent quarter, thanks to high energy prices.

Earnings continue to roll out this quarter. Last night, PayPal Holdings (NASDAQ:PYPL) raised its annual profit guidance and confirmed that activist investor Elliott Management had taken a $2 billion stake, lifting its shares nearly 12% early Wednesday.

CVS Health Corp. (NYSE:CVS) stock jumped 4.5% after it raised its annual profit forecast, citing the strength of its insurance division and sales of rapid COVID-19 tests.

Oil prices were flat. Crude Oil WTI Futures traded around $94.33 a barrel, while Brent Oil Futures crude traded near $100.56. Gold Futures also dipped 1%, to $1771 an ounce.

U.S. Stocks Rise After Strong Data on Services Activity in July
 

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Comments (8)
Deepak Agrawal
Deepak Agrawal Aug 03, 2022 11:35AM ET
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There is no downside to this market. Soon it will have new highs
Andrew Sim
Andrew Sim Aug 03, 2022 11:19AM ET
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finally the bull market have returned, new snp 5k coming
goutham kumar
goutham kumar Aug 03, 2022 11:06AM ET
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The business activity in the US service sector expanded at a more robust pace in July than in June with the ISM Services PMI rising to 56.7 from 55.3. This reading came in better than the market expectation of 53.5.
Kerry Ditto
Kerry Ditto Aug 03, 2022 11:03AM ET
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what recession? don't worry, be happy
Casador Del Oso
Casador Del Oso Aug 03, 2022 11:03AM ET
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No more fears. Goldilocks is coming.
Om Nour Kareem
Om Nour Kareem Aug 03, 2022 10:41AM ET
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l happy to readers like you
Buy And Sell
Buy And Sell Aug 03, 2022 10:40AM ET
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Crash is coming, too big increase in pmi...maybe in the authmn...
Lionel Laurent
Lionel Laurent Aug 03, 2022 10:40AM ET
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Vendez avant que ne soit trop tard
Ronald Warren
Ronald Warren Aug 03, 2022 10:36AM ET
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Anyone ever talk a close look at the calendar page? I was reviewing mortgage lending this morning. Mortgages and refinances are only down 75% since the start of the year. Let's rally on!
First Last
First Last Aug 03, 2022 10:36AM ET
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Number of housing transaction in 2022 is down only slightly from 2021.
Ronald Warren
Ronald Warren Aug 03, 2022 10:36AM ET
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Refi apps: Jan 2,400,000. July: 640,000. MBA Purchase index Jan 310,000 July 208,000. It's not pretty.
First Last
First Last Aug 03, 2022 10:36AM ET
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But if higher mortgage rate is not reducing housing transaction much, what does that mean?
First Last
First Last Aug 03, 2022 10:36AM ET
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Recall that the GFC was caused by mortgage rates being too low & easy to get.
 
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