PMI of the United States hit a 6-month high in October, and the US dollar achieved a one-day reversal Three major stock indices rebounded across the board

PMI of the United States hit a 6-month high in October, and the US dollar achieved a one-day reversal

Three major stock indices rebounded across the board

On Tuesday (October 24), the US stock market rose, investors focused on a series of new earnings reports, and traders focused on the latest trend of US treasury bond yield. The Dow Jones Industrial Average rose 204.97 points, or 0.62%, to close at 33141.38. The Standard&Poor's 500 Index rose 0.73% to close at 4247.68, while the Nasdaq Composite Index rose 0.93%.

In terms of economic data, the US Comprehensive Purchasing Managers' Index (PMI) released by S&P Global reached 51 in October, higher than September's 50.2 and better than economists' expectations of 50, reaching the highest level in six months.

The US manufacturing PMI index shows a value exceeding 50, which is considered a sign of economic expansion, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated in a statement: The hope for a soft landing for the US economy will be encouraged by the improvement in October. In the past few months, the S&P Global PMI survey has been one of the most pessimistic economic indicators, so the rebound in US output growth in the early fourth quarter is good news. Despite increasing geopolitical issues and domestic political tensions, future output expectations have also improved.