US: Dallas Fed Manufacturing Index recovers to -6.1 in June vs. -59 expected

The economic activity in Texas' manufacturing sector declined at a soft pace in May with the General Business Activity Index of the Federal Reserve Bank of Dallas' Manufacturing Outlook Survey coming in at -6.1. This reading followed May's print of -49.2 and came in much better than the market expectation of -59.

Market reaction

This upbeat data seems to be helping market sentiment improve. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 1.4% and 0.8%, respectively. Moreover, the Nasdaq Composite, which stayed in the negative territory in the first hour of the session, was up 0.1% at 9,859 points.