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Stocks surged again, setting up August to be another big month for investors. The S&P 500 cracked 1,000 for the first time this year. The Institute for Supply Management's index moved to 48.9 in July, up from 44.8 in June. A number over 50 signals growth in the manufacturing sector.
Car sales for July were fairly strong. Ford Motor Company (NYSE: F) sales moved up a little more than 2% from the same month last year. GM sales were off almost 20%, but overall the month was as strong as any in a year. Industry experts said that the "cash for clunkers" program deserved much of the credit. The Senate may not approve another $2 billion for the program which has already been passed by the House. If the bill does not make it to the President's desk this week, August could be an unpleasant month for the car companies.
All three major indexes were up more than 1%:
Dow 9,286.56 +114.95 (1.25%)
S&P 500 1,002.62 +15.14 (1.53%)
Nasdaq 2,008.61 +30.11 (1.52%)
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