Stock Market Update

[BRIEFING.COM] The stock market opened higher after yesterday's record high close for the major indices. The S&P 500 is up 0.5%, the Dow Jones Industrial Average is up 0.6%, and the Nasdaq Composite is up 0.7%. 

Buying activity is broad based so far. The Invesco S&P 500 Equal Weight ETF (RSP) is up 0.6%. Ten of the 11 S&P 500 sectors are trading higher with gains ranging from 0.1% to 0.9%. 

The S&P Global US Manufacturing PMI rose to 52.5 in the preliminary March reading from 52.2. The S&P Global US Services PMI fell to 51.7 in the preliminary March reading from 52.3.

Existing home sales totaled 4.38 million in February (Briefing.com consensus 3.92 million) following a total of 4.0 million in January.

The Leading Economic Index rose 0.1% in February (Briefing.com consensus -0.2%) after dropping 0.4% in January.