By Investors Hub
Major US index futures are pointing to a modestly higher opening on Tuesday, with stocks poised to extend the upward move seen in the previous session.
Stocks moved mostly over the course of the trading session on Monday, adding to the gains posted last week. With the upward move on the day, the major averages reached new record closing highs.
The major averages ended the day firmly in positive territory. The Dow advanced 152.51 points or 0.7 percent to 22,557.60, the Nasdaq rose 20.76 points or 0.3 percent to 6,516.72, the S&P 500 climbed 9.76 points or 0.4 percent to 2,529.12.
The strength on Wall Street came following the releasing of a report from the Institute for Supply Management showing an unexpected acceleration in the rate of growth in manufacturing activity in the month of September.
The ISM said its purchasing managers index climbed to 60.8 in September from 58.8 in August, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 50.8.
“Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all growing in September,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
Adedapo Adesanya