Bullish American data pushes S&P to a fresh four-year high

Julian Harris
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ANOTHER wave of upbeat economic data in the US last night pushed the S&P 500 to a fresh four-year intraday high.

The highly-regarded ISM factory survey reported growth in the sector for the 32nd straight month. The index jumped from 52.4 for 53.4, reflecting faster expansion.

All scores above 50 indicate economic growth.

The positive news provided more cheer for White House incumbent Barack Obama, who is attempting to win a second term in presidential elections later this year.

The S&P 500 jumped by 0.74 per cent, touching 1,418.90 last night.

The Dow Jones industrial average was also up by 0.40 per cent to close at 13,264.49, and the Nasdaq gained 0.91 per cent to end at 3,119.70.

Strong official data from China had also helped to boost equities in New York.

Separate data for the struggling US construction industry, however, showed spending in February recorded its largest drop in seven months – yet could not dent the markets’ rise.