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U.S. stocks rise as upbeat factory gets upbeat correction; Dow up 0.16%

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Investing.com -

Investing.com - U.S. stocks finished Monday largely higher after investors applauded an upbeat U.S. factory gauge despite two revisions to the index that confused markets at first but in the end, revealed an expanding U.S. manufacturing sector.

At the close of U.S. trading, the Dow 30 rose 0.16%, the S&P 500 index rose 0.07%, while the NASDAQ Composite index fell 0.13%.

The Volatility S&P 500 index, which measures market volatility, was up 0.88% at 11.50.

In the U.S., the Institute of Supply Management reported that its manufacturing purchasing managers' index for May ticked down to 53.2 from 54.9 a month earlier before correcting it two times, once to 56.0 and last to 55.4.

While the corrections confused investors at first, stocks rose, as any figure over 50 signifies expansion, while the final revision was largely in line with expectations--analysts were originally expecting a 55.5 reading.

Concerns that the economy is brushing off the fallout of a rough winter but in not entering a phase of more accelerated growth capped gains.

Leading Dow Jones Industrial Average performers included Caterpillar Inc (NYSE:CAT), up 1.48%, United Technologies Corporation (NYSE:UTX), up 1.02%, and Home Depot Inc (NYSE:HD), up 0.75%.

The Dow Jones Industrial Average's worst performers included Visa Inc (NYSE:V), down 0.61%, Exxon Mobil Corporation (NYSE:XOM), down 0.59%, and Procter & Gamble Company (NYSE:PG), down 0.53%.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.16%, France's CAC 40 fell 0.08%, while Germany's DAX rose 0.07%. Meanwhile, in the U.K. the FTSE 100 rose 0.29%.

On Tuesday, the U.S. is to produce data on factory orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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