US STOCKS-Dow, S&P edge up; revised ISM reportedly more bullish

Mon Jun 2, 2014 1:03pm EDT
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* Dow, S&P 500 eke out records again, but volume is light

* Revised ISM manufacturing data will come close to expectations

* Broadcom rallies, may sell cellular baseband business

* Dow up 0.1 pct; S&P 500 up 0.04 pct; Nasdaq down 0.2 pct (Updates to midday, adds paragraph 2 on expected official correction of ISM data)

By Ryan Vlastelica

NEW YORK, June 2 (Reuters) - U.S. stocks mostly held tiny gains on Monday, recovering from earlier losses as a closely watched read on manufacturing was reportedly corrected to show more strength than initially indicated.

The Institute for Supply Management's manufacturing index for May will be corrected to something closer to the Reuters analyst consensus reading of 55.5, not the 53.2 that was originally reported. CNBC, citing ISM sources, originally said it would be changed to 56, but ISM has not yet issued an official correction.

Wall Street fell after the first report, with all 10 S&P 500 sector indexes down for the day at one point, though stocks subsequently rebounded. Material shares turned higher, up 0.4 percent.

"People are still looking for signs that the economy is recovering, and the first ISM number had people questioning the strength of the economy," said John Carey, portfolio manager at Pioneer Investment Management in Boston. "This revision gives us more reason to be confident, and it isn't surprising to see stocks recover a bit."   Continued...