Early Rebound on ISM Number

After opening lower and at one point logging a 1% loss, the US indices turned things around after the 10am release of the ISM Manufacturing number, which came in better than expected.

The reading of 51.6 beat expectations and was better than the 50.6 number in August. The surprising number sent stock higher initially, but of course the buying waned within the next 20 minutes.

The report showed activity in the manufacturing sector expanded for the 26th consecutive month (reading above 50) and the overall economy grew for the 28th consecutive month.

This may not be enough to turn around the market, but in combination with a better than expected Construction Spending number it could be enough to hold the market up from any big selling to begin the new week and quarter.

BIGGEST GAINERS on the S&P 500 at 10:25 --

1. Yahoo (YHOO)
2. Netflix (NFLX)
3. Zions Bancorp (ZION)
4. Newmont Mining (NEM)
5. CF Industries (CF)