By Mark Gongloff
Wow, that’s a shockingly good number on the Chicago PMI: It jumped to 61.1 from 56.6 in May, topping forecasts that it would fall to 54.
Stocks, already rising, jumped even higher on the report. The Dow is now up 90 points, into positive territory on the year. The S&P is up 9.
The 10-year Treasury note is having another bad day, pushing its yield up to 3.14%. It was at 3.1% just before the PMI data.
Chicago PMI is seen as a leading indicator for the national ISM factory index, due tomorrow. Most economists expect that to fall below 50. That prediction, and with it worries about the softness of the Soft Patch, is in a little doubt now.