Investing.com - Manufacturing activity in the U.S. expanded at a faster rate than expected in December, after contracting in November, industry data showed on Wednesday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 50.7 in December from a reading of 49.5 in November.
Analysts had expected the ISM index of purchasing managers to rise to 50.3 in December.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose to 55.5 from 52.5 in November.
The New Orders Index registered 50.3, while the Employment Index improved to 52.7.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.48% to trade at 1.3257.
Meanwhile, U.S. equity markets rallied after the open. The Dow Jones Industrial Average jumped 2%, the S&P 500 index surged 2.1%, while the Nasdaq Composite index advanced 2.75%.
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