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Stocks have managed to move from the session lows, but all three indices remain in negative territory. The Material Sector is doing the best today with a +0.2% gain. While the Consumer discretionary stocks are in the red showing a -0.4% decline.
Large cap tech stocks are mixed: Microsoft (MSFT) 31.02 -0.38 -1.18%, is lower, while Google (GOOG), Apple (AAPL), Cisco Systems (CSCO) and Hewlett Packard (HPQ) are trading fractionally higher.
The Chicago PMI came in well ahead of expectations as the index rose from 56.1 to 60.0 in December. The consensus estimate expected the PMI to fall 55.1.
The index is now at its highest point since January 2006 and shows the third consecutive month of manufacturing expansion in the Chicago region. The rate of production growth should continue in the future, since both new orders and order backlogs rose by their fastest rate since June 2007 and August 2008, respectively.
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