Stocks showed gains on the second trading day of the week despite the fact that the U.S. manufacturing sector contracted in November, dropping to its worst levels in over 6 years when the American economy was still in the middle of a debilitating recession. The latest report by the Institute for Supply Management (ISM) said its index of national factory activity fell to 48.6, the first time the index has been below 50 since November 2012. The 48.6 figure is contraction territory and well below 50.5 which had been expected. It was the worst manufacturing data since June 2009 and the first time the index fell below 50 in three years.
“We’re in manufacturing recession. The data hit the market big time and the Fed is raising rates in a scenario we’ve never seen before, that scenario being a manufacturing recession. The only reason why we were up earlier was the calendar change. We have to start shifting the conversation to, the data’s good enough to get a rate hike but not enough for a second one.”
More from CNBC below.
Here are the final numbers from Tuesday, 12/1/15 on Wall Street:
Dow Jones Industrial Average: 17,888.35 (+168.43/ +0.95%)
NASDAQ: 5,156.31 (+47.64 / +0.93%)
S&P 500: 2,102.63 (+22.22 / +1.07%)