An improving labor market and faster activity in services industries last month also buttressed traders' expectations the Federal Reserve would raise interest rates further in the coming months. "In short, more evidence that the underlying trend in growth is not suddenly slowing, as suggested by the GDP data. Traders expect the Fed's policy-setting group will likely hike rates by a quarter point at its next meeting on June 13-14 . A reading above 50 indicates expansion in the services sector, which accounts for nearly 80 percent of the U.S. economy. However, the employment index fell to 51.4, its lowest since August, from March's 51.6.

Source: dna May 03, 2017 18:56 UTC