ISM Services Index Surges To 10-year High In July

A reading of the services sector jumped to the highest level in July since Aug. 2005. The Institute for Supply Management said Wednesday its services index surged to 60.3% from a 56% reading in June. Any reading above 50% indicates expansion. Economists polled by MarketWatch expected a reading of 56.5%. The business activity and new orders components both were over 60%, and the employment index increased 6.9 percentage points to 59.6%.