Stocks Recover From Manufacturing Data Snafu as Broadcom Spikes
NEW YORK (TheStreet) -- The Institute for Supply Management forgot to correctly tally its own numbers when reporting its well-tracked index for May, sending shares yo-yoing on Monday.
Initially, the ISM reported a reading of 53.2, but then quickly revised the figure to 55.4 for May, a much healthier figure given than its index reported 54.9 in April. Once the confusion was made public, the revised reading gave investors confidence that U.S. manufacturing is expanding at a much stronger rate after a mediocre start to the year.
Markets, though, dove early in the day before recovering on the data correction. The tech-heavy Nasdaq was not as fortunate, closing 0.1% lower to 4,237.2. By market close, the Dow Jones Industrial Average had gained 0.2% to 16,743.63 while the S&P 500 broke free from flat trading to end 0.1% higher at 1,924.97.
Tiny gains shouldn't concern Wall Street though; a breather is well-deserved given the record-setting levels the S&P 500 climbed to over a historically-weak May.
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