TheStreet.com 21 motored higher Wednesday, juiced by strong gains in both the
and near-5% gains in three of its own components.
The index, designed as a recovery proxy via components that should feel economic trends early, added 28.71 points, or 2.7%, to 1084.29. The index is now a healthy 8.4% above its July 3 open of 1000.
Wednesday's rally in the major averages had more to do with psychology than economics, and indeed the main economic news of the day was bleak. The Institute for Supply Management said its national index on manufacturing fell to 53.7 in September from 54.7 a month earlier. Economists had expected the number to hold steady at last month's level. And construction spending rose 0.2% in August, at the same pace as the previous month, but below economists' projections of a 0.4% gain.
That didn't prevent some big run-ups in several of the TSC 21's components.
, so far the most volatile of the index's members, gained 98 cents, or 5.9%, to $17.56, while
rose 43 cents, or 4.6%, to $9.69 and
Bank of New York
added $1.33, or 4.6%, to $30.44.
Overall, 18 of the components rose, two fell (
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