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Stocks posted triple-digit gains, as the ISM manufacturing index for August surged past expectations.But first, the scoreboard:
S&P 500: +30.9
And now, the key stories of the day:
- Strong economic data from Asia kicked off a worldwide rally. Australia posted a GDP growth rate of 1.2%, ahead of estimates of 0.9%, causing a monster rally in the domestic market. China’s manufacturing index also beat forecasts.
- European markets were all strongly positive on news from Asia and the US, ignoring mixed economic data from Germany and Greece.
- America’s big day started slow as the ADP reported 10,000 jobs cut, where forecasts expected 13,000 jobs created. But the bad news was forgotten by 10 AM, when the ISM manufacturing index surged to 56.3, past forecasts of 53.
- With good news everywhere, gold and the yen lost some recent gains, and treasuries were routed.
- The latest big Apple announcement had little stock impact, but fans are excited. Jobs announced new iPods and an updated iTV, which lets you stream shows and movies with a $99 box.
- Then this crazy situation broke out in Silver Spring, Md. An armed baby-hating activist stormed the Discovery Channel office and is now holding employees hostage.