While you were sleeping.. The Dow and the S&P 500 finished at record highs again on Monday after a closely watched read on US manufacturing was revised to show more strength than initially indicated. Industrials and material stocks were among the days biggest gainers, while the technology sector ended lower, weighed down by big names like Apple and Google. After hours of confusion, the Institute for Supply Management officially corrected its earlier report to show that the pace of growth in the US manufacturing sector accelerated in May. Wall Street fell initially after the first report, with all 10 S&P 500 sector indexes down for the day at one point. The ISM said its index of national factory activity rose to 55.4 last month from 54.9 in April, with the May figure just shy of the 55.5 expected by a Reuters poll of economists. The ISM had initially said the reading came in at 53.2, but it was corrected due to an error in applying the seasonal adjustments. The Dow ended at a second consecutive record high while the S&P 500 closed at a third consecutive record though volume was still slight, suggesting a lack of conviction behind the advance. Both the Dow and the S&P 500 also set lifetime intraday highs on Monday. The Dow Jones industrial average rose 0.16 per cent, the S&P 500 gained 0.07 per cent. But the Nasdaq Composite dropped 0.13 per cent. Over in Europe, the Dax was up 0.07 per cent, the CaC was 0.08 per cent weaker and the FTSE100 was 0.3 per cent higher.
Posted on: Mon, 02 Jun 2014 23:13:45 +0000
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