U.S. stocks end mixed after disappointing data

Xinhua
04 May 2021, 02:35 GMT+10

NEW YORK, May 3 (Xinhua) -- U.S. stocks finished mixed on Monday as investors digested the newly-released manufacturing data.

The Dow Jones Industrial Average rose 238.38 points, or 0.70 percent, to 34,113.23. The S&P 500 increased 11.49 points, or 0.27 percent, to 4,192.66. The Nasdaq Composite Index decreased 67.56 points, or 0.48 percent, to 13,895.12.

Six of the 11 primary S&P 500 sectors ended in green, with energy up 2.91 percent, leading the gainers. Consumer discretionary slipped 0.66 percent, the worst-performing group.

Stocks tied to economic reopening such as airlines, cruise lines and retailers traded on an upbeat note.

Meanwhile, U.S.-listed Chinese companies traded lower with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

On the economic front, the U.S. Manufacturing PMI (Purchasing Managers' Index) dropped to 60.7 percent in April from 64.7 percent in March, the Institute for Supply Management (ISM) reported on Monday. A reading above 50 percent indicates that the manufacturing economy is generally expanding, while a reading below 50 percent indicates that it is generally contracting.

The April reading fell short of Wall Street estimates. Economists surveyed by Dow Jones and The Wall Street Journal had forecast the ISM index to edge up to 65 percent.

For the week ending Friday, the Dow fell 0.5 percent, the S&P 500 eked out a gain of 0.2 percent, and the Nasdaq Composite declined 0.4 percent, as Wall Street digested a big wave of earnings reports from tech giants and a key statement from the Federal Reserve.

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