Manufacturing Sector Expands In April For 33rd Consecutive Month, SPY Around April High Now

The market is up after the Institute for Supply Management reported a better than expected PMI (manufacturing) number for April (54.8% vs. 53.4% in March).

(Tempe, Arizona) — Economic activity in the manufacturing sector expanded in April for the 33rd consecutive month, and the overall economy grew for the 35th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.

The report was issued today by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The PMI registered 54.8 percent, an increase of 1.4 percentage points from March's reading of 53.4 percent, indicating expansion in the manufacturing sector for the 33rd consecutive month. Sixteen of the 18 industries reflected overall growth in April, and the New Orders, Production and Employment Indexes all increased, indicating growth at faster rates than in March. The Prices Index for raw materials remained at 61 percent in April, the same rate as reported in March. Comments from the panel generally indicate stable to strong demand, with some concerns cited over increasing oil prices and European stability."
(continue reading at ISM)

Here is the ISM Manufacturing: PMI Composite Index (courtesy of the St. Louis Fed)

$SPY (S&P 500 ETF) spiked 1.2% to 141.41, which is near the April high. Sell in May and go away?

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