New York: The Dow and S&P 500 on Monday again rose to new records following a solid report on US manufacturing activity, even as the Nasdaq lost ground.
At the closing bell, the Dow Jones Industrial Average advanced 26.14 points (0.16 percent) to 16,743.31, while the S&P 500 added 1.35 (0.07 percent) at 1,924.92. Both indices notched closing records for the third straight session.
But the tech-rich Nasdaq Composite Index fell 5.42 (0.13 percent) to 4,237.20.
Markets got an unexpected lift mid-session when the Institute of Supply Management said its purchasing managers index of US manufacturing activity rose in May to 55.4 from 54.9 in April, rather than slowing to 53.2 as it first reported.
Stocks had fallen on the initial report in the morning. ISM hours later corrected the data after economists questioned the PMI decline.
Art Hogan, chief market strategist at Wunderlich Securities, said the market could rise further this week given a heavy schedule of potential catalysts, from Apple developer conference under way to Friday`s May jobs report.
"Good news is going to move the market higher," Hogan said.
