S&P, Dow Grab Yet Another Record
NEW YORK (TheStreet) -- The S&P 500 and Dow managed to cling onto miniscule gains on Monday to close at fresh highs. Volumes picked up steam during the final hour of today's regular trading session.
Breadth was negative on both the Big Board and the tech-heavy Nasdaq for much of the day as Apple (AAPL - Get Report) shares dipped nearly 1% amid the confirmation of its rumored Health Kit app during Apple's annual developers' conference. Still, the S&P 500 finished up 0.07% to 1,924.97 and the Dow was up 0.16% to 16,743.63. The Nasdaq slipped by 0.13% to 4,237.20.
The quiet trading day got a slight boost after corrected manufacturing data showed a stronger May than reported earlier in the morning. The U.S. ISM index gained to 55.4 in May from 54.9, after head of the manufacturing survey said they applied seasonal factors. Markets initially turned lower when ISM reported the index fell to 52.3, which was later shown as incorrect.
China reported manufacturing activity in May climbed to 50.8 from 50.4 a month earlier, while new orders jumped to 52.3 from 51.2. The strong results showed Chinese manufacturing expansion at its fastest rate since the beginning of the year. While the Nikkei added 2.07%, the Hang Seng gained 0.31%.European markets were mixed with the FTSE up 0.29%, DAX higher by 0.07% and CAC 40 lower by 0.08%. Broadcom (BRCM) spiked 9.32% to $34.84 on news it is exploring a potential sale of its cellular baseband segment, a move which could result in cost savings as much as $700 million. Ariad Pharmaceuticals (ARIA) was up 7.43% to $6.94 after releasing positive recent trial results for its drug Iclusig, a leukemia medication suspended by the FDA last year on concerns it contributed to blood clotting. Conn's (CONN) was popping 6.93% after recording earnings of 80 cents a share, 7 cents higher than analyst averages compiled by Thomson Reuters. U.S. markets closed mixed on Friday with the Dow and S&P 500 higher and the Nasdaq slightly lower. Weaker-than-expected consumer spending, a measure monitoring 70% of total economic activity, weighed down stocks and contributed to Wall Street skittishness. Even so, the S&P 500 closed historically weak May at an all-time high, adding 2.1%. -- Written by Keris Alison Lahiff, Andrea Tse and Joe Deaux in New York. >>Read More:
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