Many observers equate the U.S. economy to a battleship at sea. One spin of the ship's wheel is not enough to move it in the opposite direction. If the analogy holds, the U.S. economy will naturally show some evidence that 17 straight interest rate hikes have taken a toll, but it will be a long time before all the data line up to show the economy is clearly moving at a slower rate. Monday's data showed a crack or two, helping spur a rally in a holiday-shortened session. Trading in U.S. stock markets ended at 1 p.m. EDT Monday, and markets will be closed Tuesday for Independence Day. Both the Institute for Supply Management's manufacturing index and U.S construction spending came in weaker than expected, reinforcing the view that the Federal Reserve's tightening campaign may end soon. But the components of the ISM index reflect the Fed's bigger challenge: stamping out inflation without killing the economy. The headline reading of factory growth slipped to 53.8 in June, down from 54.4 in May and 57.3 in April, and vs. the consensus expectations of 55. The data show the rate of manufacturing growth in the U.S. is slowing, but any reading over 50 is still considered growth. The June report is the ISM index's 39th consecutive month above 50, suggesting the "USS America" grew larger than normal amid years of historically accommodative monetary policy. Meanwhile, construction spending declined 0.4% in May, defying consensus expectations for a 0.2% increase. The data support the market's hopes, fueled by last Thursday's dovish FOMC statement, that the Fed will soon pause. The stock market reacted accordingly, rallying in the shortened trading session and sending investors into the holiday with something to celebrate. The Dow Jones Industrial Average gained 0.7% Monday to close at 11,228.02. The S&P 500 gained 0.8% to 1280.19, and the Nasdaq Composite gained 0.8% to 2190.43.