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S+P on track for a record opening later today as ISM data awaits

The S+P 500 index posted an all time record monthly close on Thursday at 5,254.35. The record high set at ahead of that was at 5,264.85. The S+P 500 futures are trading again today and right now pricing a reopening at above 5,270. The fact that the index is setting these records is clear evidence that the record US rally has broadened out. This afternoon we get the latest US ISM manufacturing index data. This is expected to be slightly stronger in March, at 48.3, compared to a reading of 47.8 in February. The prices paid component is an important element of this report and that is forecast to rise slightly, to 52.9 from 52.5. Also we have New Orders and Employment components to consider too. An update here will cover those, when the release hits the screens at 3pm GMT and how that might impact the dollar and the US stock markets. Right now though, the S+P 500 remains on track for a record opening just ahead of that data, at 2.30pm GMT 
 

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