Dow Jones hits four year high

The Dow Jones claimed that its index of manufacturing activity rose to 54.8 last month from 53.4 in March.

The Dow Jones reached new heights at the end of April, closing at its highest level for over four years.

US manufacturing is said to have underpinned this high rating, as data from the Institute for Supply Management (ISM) claimed that its index of manufacturing activity rose to 54.8 last month from 53.4 in March.

A figure above 50 is said to indicate expansion.

However, “The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle,” insists Nick Bennenbroek at Wells Fargo.
Indeed, a string of reports in recent weeks have pointed to a slowdown in the manufacturing sector and the overall economy.

With overall growth in the US dropping from 3% to 2.2% in the first quarter of 2012, some commentators have looked to lower defence spending and the lingering global economic crisis as impediments.
New York’s stock exchange rose 66 points to a figure of 13,279, its highest point since December 28th 2007.

The index has been rising steadily since sinking below the 7,000 mark at the beginning of 2009, and broke back above 13,000 in February this year.

The Nasdaq and the Standard & Poor’s 500 also saw a boost to their numbers, closing higher on Tuesday.

According to the ISM, new orders, production and employment in manufacturing all saw increases in April. In particular, employment in the sector climbed to a nine-month high; an encouraging sign ahead of the US Labour Department’s monthly report this Friday.

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