Equity Markets Close Higher on Private Sector Growth Data

Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an email. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be "Fidelity.com: "

Equity Markets Close Higher on Private Sector Growth Data

, MT Newswires - 4:27 PM ET 3/24/2025 US Markets

04:27 PM EDT, 03/24/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Monday, driven by an unexpected upturn in service sector activity.

The Nasdaq Composite rose 2.3% to 18,188.6, while the S&P 500 increased 1.8% to 5,767.6. The Dow Jones Industrial Average was up 1.4% to 42,583.3. All sectors except utilities were in black, with consumer discretionary up 4%.

US Treasury 10-year Treasury yield gained 8 basis points to 4.3% and the two-year rate was up 7.8 basis points to 4%.

May West Texas Intermediate crude oil increased 1.4% to $69.23 a barrel Monday.

In economic news, March saw unexpected US private sector growth, S&P Global's (SPGI) flash purchasing managers' index showed. However, tariff concerns clouded the year-ahead outlook.

"A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "A key concern over tariffs is the impact on inflation, with the March survey indicating a further sharp rise in costs as suppliers pass tariff-related price hikes on to US companies."

In company news, Tesla (TSLA) was the top gainer on the S&P 500, with shares up 12%. BYD's 2024 operating revenue Monday of 777.10 billion Chinese renminbi ($107.20 billion) exceeded estimates and Tesla's revenue for the same year.

UAL was up 7.2%. The company is increasing United Club membership fees along with pricing structure changes, according to multiple media reports, citing a notification sent to the company's customers.

Lockheed Martin ( LMT ) shares were down 1%. The company's Sikorsky unit agreed to a deal with Israel's defense ministry to integrate Israeli systems into 12 of its CH-53K Pere helicopters, Reuters reported, citing the ministry.

Unity Biotechnology ( UBX ) shares fell almost 29%. The company's diabetic macular edema treatment for patients with poor vision did not achieve statistical non-inferiority at the primary analysis endpoint in a phase 2b trial.

Gold dropped 0.3% to $3,013.3 per troy ounce, while silver was up 0.03% to $33.50 per troy ounce.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.