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The numbers: The Philadelphia Federal Reserve’s index of manufacturing conditions rose by 8 points in January to 23.2, showing businesses are still growing despite the omicron outbreak and persistent labor and supply shortages.
Economists surveyed by the the Wall Street Journal expected the index to rise to 18.6. Any reading above zero indicates that businesses are expanding.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
were set to open higher in Thursday trades. Stocks have retreated recently as interest rates have risen. Higher yields tend to hurt equities.
