New York, N.Y. (PPD) — U.S. equity markets surged on Monday, with the NASDAQ Composite (^IXIC) hitting an intraday before closing at a record high. The tech-heavy index closed +226.02, or 2.21% at 10,433.65.
The Russell 2000 (^RUT) closed +11.02, or 0.77% higher at 1,442.88.
The Institute for Supply Management (ISM) reported earlier that the Non-Manufacturing Index (NMI) rose to 57.1% in June, far stronger than economists expected. Last week, the ISM Manufacturing Index (PMI) also came in stronger than expected at 52.6% in June, up from 43.1% in May.
The readings both indicate the economy is growing again after disruption from the mitigation efforts to slow the spread of coronavirus (COVID-19).