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Overnight Markets: US stocks gain after ISM revises factory data

by Himanshu Singh on Jun 03, 2014 at 03:48

Overnight Markets: US stocks gain after ISM revises factory data

The Dow Jones and the Standard & Poor’s 500 Index finished at record highs again on Monday after the Institute for Supply Management data on US manufacturing was revised to show more strength than initially indicated.

The Dow Jones industrial average gained 26 points or 0.16%, to 16,744. The S&P 500 rose one point to 1,925. But the Nasdaq Composite fell five points or 0.13%, to 4,237.

After hours of confusion, the ISM officially corrected its earlier report to show that the pace of growth in the US manufacturing sector accelerated in May. Its index of national factory activity rose to 55.4 last month from 54.9 in April, with the May figure just shy of the 55.5 expected by a Reuters poll of economists.

Other factory reports from around the world were mixed. Manufacturing in the euro area grew at a slower pace amid weakness in France. Manufacturing in China expanded in May at the fastest pace in five months.

Industrials and material stocks were among the day's biggest gainers, while the technology sector ended lower, weighed down by big names like Apple and Google.

Apple (AAPL.O) shares fell 0.7% after the tech giant introduced new operating systems for its Mac computers and mobile devices at its annual Worldwide Developers’ Conference.

Google Inc (GOOGL.O) also pressured tech shares, falling 1.3%. A censorship watchdog said Google's services were being disrupted in China ahead of this week's 25th anniversary of the 1989 crackdown on pro-democracy demonstrators around Beijing's Tiananmen Square.

Broadcom Corp (BRCM.O) was the S&P 500's biggest percentage gainer, jumping 9.3% after the chipmaker said it was looking to sell or wind down its cellular baseband business.

In another deal news, American Realty Capital Healthcare Trust Inc. jumped 9.7% after Ventas Inc. agreed to buy it.

Ariad Pharmaceuticals Inc (ARIA.O) shares shot up 4% in heavy volume a day after the company said its drug ponatinib showed anti-tumour activity in patients with advanced gastrointestinal stromal tumours.

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