According to The Philadelphia Federal Reserve Bank, its business activity index improved to negative 2.2 in June from minus 22.6 in May. This fact has been recorded as the highest reading since September 2008.
That was considerably above economists' forecasts of minus 17, based on the average predictions among U.S. economists. The manufacturing survey also showed the index's measure of future activity surged to its highest level since September 2003. Philadelphia Fed Index is an indicator of overall economic situation in Pennsylvania, Delaware, New Jersey. If it accounts for economy development if its level is above zero, if not, it indicates recession.
DJIA rose 37.19 (+0.44%) and remains at the level 8534.37. Nasdaq index slid 2.43 points (-0.13%) and keeps at the level 1805.63. Quite unexpected information arguing business activity rise caused a new wave of risk position demand.
Euro declined to an intraday low against the dollar and other currencies in evening trading Thursday as U.S. stocks pared earlier gains.
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