Early Morning Averages Update (DIA, SPY, QQQ)

Stocks started off higher on Wednesday morning, after a better than expected reading in the China PMI data, and slowing job cuts in the United States. At last check, the Dow was up 113 points, the Nasdaq was up 28 points, and the S&P 500 was better by 13 points. At 9 p.m. last night, the Chinese released their purchasing manufacturing index number (PMI), and it was inline with expectations, coming in at 51.7. Analysts had expected a reading of 51.8. This morning at 8:30 a.m., the Challenger jobs report was released, showing the private sector cut 10,000 jobs last month. The market took this as good news, as job cuts are slowing. This comes despite the fact that analysts had been looking for a gain of 13,000 jobs. In just a few minutes, the ISM index will be released. Analysts are looking for a reading of 52.9, indicating economic growth is expanding in the United States.