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Stocks recover after manufacturing report revised

By WTOP Staff

NEW YORK (AP) — Stock indexes erased an early slide and ended with modest gains after a report on U.S. manufacturing was revised higher.

A trade group said U.S. manufacturing grew at a brisk pace last month, correcting its earlier statement that growth had slowed.

The Dow Jones industrial average rose 26 points, or 0.2 percent, to close at 16,743 Monday. Caterpillar rose the most in the Dow.

The Standard & Poor’s 500 index gained a point, less than 0.1 percent, to 1,925. The Nasdaq composite lost five points, or 0.1 percent, to 4,237.

Broadcom jumped 9 percent after saying it would seek a buyer for its division that makes chips used in cellular devices.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.53 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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