Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) are charting a nice advance this morning as strength broadens to include seven S&P 500 sectors. 

The ISM Services PMI checked in at 56.1% in February (Briefing.com consensus: 53.9%), up from 53.8% in January. The dividing line between expansion and contraction is 50.0%, so the February reading, which is the highest since July 2022, reflects services sector activity growing at a faster pace than the prior month.

The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.