Economic report drives stocks slightly higher
Stocks edged higher Tuesday on Wall Street following an economic report showing increased activity in non-manufacturing sectors.
Europe still loomed larger over world financial markets, however, as G7 financial leaders discussed the continent’s debt crisis and Spain warned it could be shut out of bond markets.
The Dow Jones industrial average gained 23 points, or 0.2% to 12,125 shortly after the opening bell.
The broader Standard & Poor’s 500 index was up 5 points, or 0.4%, to 1,283.
The technology-heavy Nasdaq index was up 16 points, or 0.6%, to 2,775.
Major U.S. indexes were mixed until the Institute for Supply Management released a report showing economic activity in non-manufacturing sectors picked up in May.
The ISM report showed its NMI index registered 53.7% in May, 0.2 percentage point higher than the 53.5% registered in April.
ISM said its Non-Manufacturing Business Activity Index registered 55.6% last month, 1 percentage point higher than the 54.6% in April.
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