US STOCKS-Dow, S&P 500 erase losses after ISM correction

Mon Jun 2, 2014 3:40pm EDT
 
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* Dow, S&P 500 eke out records again, but volume is light

* ISM corrects May factory data after hours of confusion

* Apple, Google shares weigh on Nasdaq

* Dow up 0.1 pct; S&P 500 up 0.02 pct; Nasdaq off 0.2 pct (Updates to late afternoon)

By Angela Moon

NEW YORK, June 2 (Reuters) - The Dow and the S&P 500 inched higher late Monday afternoon, recovering from earlier losses after a closely watched read on U.S. manufacturing was revised to show more strength than initially indicated.

After hours of confusion, the Institute for Supply Management officially corrected its earlier report to show that the pace of growth in the U.S. manufacturing sector accelerated in May.

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.   Continued...