Markets Set Fresh Records

The S&P also set a five-year intraday high.

The surge was driven by an ISM report, which slipped, but mostly in the prices paid component.

Oil edged up, but is still below $60. It's below $59 for spot purchases.

The Institute for Supply Management said its gauge of the services sector, which accounts for about 80 percent of the U.S. economy, slipped in September more than economists had expected. In addition, the index's prices-paid component fell sharply, stemming inflation fears.

"The report was not nearly as bad as the headline figure. Most of the weakness was concentrated in the prices paid, which is actually a positive for the market in that it takes some of the pressure off the Fed and points to moderating inflation pressures in the economy," said Michael Sheldon, chief market strategist at New York brokerage Spencer Clarke.

Growth with low inflation.

Worst. Economy. Ever.

posted by Ace at 02:25 PM

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