The February reading for the Philadelphia Fed's Index of Manufacturing Activity has shot up to 35.9 from January's 19.3. The Index is at its highest point since January of 2004. Expectations were only for a mild uptick to 20.8.
The gold market was thrown for a time by the number, falling below $1,380 and bottoming around $1,378. That stumble didn't last, though: the metal climbed back above $1,380 and stayed there. At 11:00, it was higher than it had been before the Index was released.
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