Market Higher after Strong Manufacturing Data
The U.S. equity market is trading higher after the Institute for Supply Management said that its manufacturing index rose for the month of October. The Dow Jones is currently up 0.51% to 11,175.17, the S&P 500 is currently up 0.31% to 1,186.91 and the Nasdaq is currently up 0.09% to 2,509.62.
According to figures released by the Institute for Supply Management, the manufacturing index climbed from 54.4 in September to 56.9 in October, beating economists’ forecast of a decline in manufacturing activity to 54. The Institute of Supply Management said that new orders rose to 58.9 in October from 51.1 in September. Earlier in the day, the Commerce Department had reported that U.S. consumer spending for the month of September had risen at a slower pace than expected.
American International Group (NYSE: AIG) said that it has raised approximately $37 billion to repay $100 billion in debt it owes to the U.S. government. The insurer recently floated its Asian unit AIA, raising $20.51 billion. Shares of AIG are currently down 0.17% to $41.94, touching an intra-day low of $41.33.
McKesson Corp. (NYSE: MCK) shares are trading higher today after the company announced that it will buy U.S. Oncology Inc. in a deal valued at $560 million. The acquisition will allow McKesson Corp. to expand in cancer care and medicines. McKesson will pay in cash for the deal. Including debt, the deal is worth $2.16 billion. Shares of McKesson Corp. are currently up 1.70% to $67.10, touching an intra-day high of $68.
