Stocks go down, then up as manufacturing report takes same path
Monday, June 02, 2014 3:37 PM
U.S. stocks erased losses today after the Institute for Supply Management twice corrected the reading in its May factory index to show manufacturing beat estimates, Bloomberg reported. The S&P 500 rose 0.1 percent to 1,924.52 at 11:43 a.m. in New York, reversing an earlier loss of as much as 0.4 percent. The Dow Jones Industrial Average added 25.17 points, or 0.2 percent, to 16,742.34 today, after closing at a record on May 30. The Nasdaq 100 Index dropped 0.2 percent, paring an earlier loss of 0.8 percent as technology stocks tumbled. The rebound occurred after the Institute for Supply Management corrected its manufacturing index to 56 after saying it applied incorrect seasonal adjustments for the figure. A short time later, the group revised the figure to 55.4, apparently for the last time today. In its initial report this morning, the organization reported the gauge fell to 53.2 from 54.9 in April. Fifty is the dividing line between growth and contraction.