Service industry growth gives Dow a lift
Associated Press
NEW YORK — The first growth in the service industry in a year and upbeat comments about big banks pulled investors into the stock market yesterday after two losing weeks.
The Institute for Supply Management said its service index rose to 50.9 in September from 48.4 in August. Analysts polled by Thomson Reuters had expected a reading of 50, the dividing line between growth and contraction. The index hadn't grown since August of last year.
The advance follows the market's first back-to-back weekly drops since July, which came as reports on manufacturing and consumer sentiment fell short of expectations.