Stocks Rally on Positive US Economic News and Strength in Chipmakers

The US Oct ISM services index rose +2.4 to 52.4, stronger than expectations of 50.8 and the fastest pace of expansion in 8 months. However, price pressures in the service sector accelerated after the Oct ISM services prices paid sub-index unexpectedly rose +0.6 to a 3-year high of 70.0, versus expectations of a decline to 68.0.The US Oct ADP employment change rose by +42,000, stronger than expectations of +30,000.US MBA mortgage applications fell -1.9% in the week ended October 31, with the purchase mortgag ...