ISM services gauge accelerates in January (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Institute for Supply Management said its services index in January reached 56.8% -- the highest reading since February -- up from 53.0% in December. Economists polled by MarketWatch had expected a 53.5% reading. The new orders index jumped 4.8 points, and the employment index rocketed 7.6 points to 57.4%. Readings over 50% indicate expansion.