Despite worries emanating from Europe over Irish debt and Asia over Chinese inflation, American equities rallied today (Nov. 19) over a much better than expected Philadelphia Fed survey released this morning at 9:00 a.m. CST. While Philly Fed data had been lagging regional and national data, November showed sharp growth. Not only did the report’s index on general business conditions jump from a zero-flat trend to 22.5, but both new orders and shipments rose more than 15 points.
Reaction was immediate, as can be seen in the chart below. The S&P 500 E-mini went into the report at 1,190.50 and came out 15 minutes later at 1,196.50. Similar gains are evident in the Nasdaq-100 E-mini.
November Philadelphia Fed survey
