Midday Report: Manufacturing Activity Impresses; U.S. Stocks Climb

U.S. stocks held onto modest gains in a quieter, low-volume session on Friday ahead of the Independence Day long weekend. The number of S&P 500 shares traded by the middle of the session was under 200 million, a fraction of the three-month daily average. Manufacturing activity in the U.S. increased for its second month in June, reaching its highest level since February of last year. The reading assured investors headwinds that buffered the industry such as a strong U.S. dollar and weaker demand were beginning to fade. Construction spending in May remained weak, though. A decline of 0.8 percent conflicted with estimates of an increase.  Car sales mainly came in strong for the month of June. Ford (F) - Get Report vehicle sales rose thanks to strength in its truck segment. Fiat Chrysler (FCAU) - Get Report saw strong demand for its Jeep brand. GM (GM) - Get Report was the weak one of the bunch, reporting a 1.6 percent decline in U.S. sales.