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Dow, S&P 500 set records to kick off June

English.news.cn   2014-06-03 06:00:23

NEW YORK, June 2 (Xinhua) -- U.S. stocks ended mixed Monday to begin June, with both the S&P 500 and the Dow Jones Industrial Average refreshing new all-time highs, as investors calmly greeted a batch of economic data that came out mixed.

The S&P 500 hit a new record intraday high of 1,925.88 points before finishing at 1,924.97 points, also a record close, up 1.40 points, or 0.07 percent.

Meanwhile, the Dow also repeatedly refreshed its record highs in the session, touching 16,756.64 points at its session high. The blue-chip also logged another record close of 16,743.63 points, up 26.46 points, or 0.16 percent, eclipsing its previous all-time closing high of 16,717.17 points set last Friday.

The tech-rich Nasdaq Composite Index underperformed the other two indices, losing 5.42 points, or 0.13 percent, to 4,237.20.

Economic data released Monday showed that output growth in the U.S. manufacturing sector continued to accelerate through the second quarter of this year, said financial information firm Markit in a report Monday.

Adjusted for seasonal influences, the final Markit U.S. Manufacturing Purchasing Managers' Index (PMI) rose to 56.4 in May from 55.4 in April, signaling a robust improvement in overall business conditions, the report showed. The number beat analysts' estimates marginally.

A separate report released by the Institute for Supply Management showed that U.S. manufacturing sector continued its expansion in May, with PMI registering 55.4, an increase from April's reading of 54.9. But the reading was slightly below market expectations.

Moreover, U.S. April construction spending climbed less than economists' forecast, which limited gains on Wall Street. The construction spending in April rose 0.2 percent compared with the prior month, the Commerce Department announced Monday. Economists had expected the number to increase 0.7 percent.

Investors are also eyeing the U.S. Labor Department's non-farm payroll report for May scheduled for release Friday.

The U.S. jobless rate fell sharply by 0.4 percentage point to 6. 3 percent in April, the lowest level in five and a half years, while total non-farm payroll employment rose by 288,000, the largest gain since January 2012, according to the Labor Department.

Analysts expected unemployment rate to tick up to 6.4 percent in May.

In May, the Dow and S&P 500 rose for a fourth straight month, up 0.8 percent and 2.1 percent, respectively. In addition, the Nasdaq jumped 3.1 percent.

In corporate news, tech giant Apple unveiled the iOS 8 operating system for the iPhone and iPad and an update to its desktop operating system OS X Yosemite, named after a U.S. national park in California, at its Worldwide Developers Conference Monday.

The CBOE Volatility Index, a gauge of fear in the market, added 1.58 percent to end at 11.58.

In other markets, the U.S. dollar went up against major currencies after U.S. manufacturing data were corrected and showed steady expansion.

In late New York trading, the euro dropped to 1.3596 U.S. dollars from 1.3633 dollars in the previous session. The U.S. dollar bought 102.46 Japanese yen, higher than 101.69 yen of the previous session.

Oil prices pared earlier gains and settled lower as oil output of the Organization of the Petroleum Exporting Countries increased.

Light, sweet crude for July delivery fell 24 cents to settle at 102.47 dollars a barrel on the New York Mercantile Exchange.

Gold futures on the COMEX division of the New York Mercantile Exchange closed at the lowest level since Jan. 31 this year, on good performance of U.S. equities.

The most active gold contract for August delivery fell two dollars, or 0.16 percent, to settle at 1,244 dollars per ounce.

Editor: Mu Xuequan
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