The S&P 500 and Nasdaq closed at record highs on Friday, as data pointed to some pockets of strength in the U.S. economy. U.S. business activity snapped back to the highest since early 2019 in August, according to IHS Markit surveys, as companies in both manufacturing and services sectors saw a resurgence in new orders. Another report showed U.S. home sales rose at a record pace for a second straight month in July and home prices hit all-time highs. The unexpectedly sharp increases in Markit’s indexes extend a pattern of choppy U.S. economic data this week – including weekly jobless claims – that paint a picture of a fitful recovery from the COVID-19 recession. “It’s not surprising to see a pickup in manufacturing as the economy has started to reopen, even though pockets of the country have pulled back on their reopenings,” said Lindsey Bell, chief investment […]