US STOCKS-Wall Street retreats after manufacturing data

Mon Apr 1, 2013 11:47am EDT
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* Both S&P 500 and Dow coming off record closing highs

* Tesla Motors rallies after profit outlook

* European markets closed

* Indexes off: Dow 0.25 pct, S&P 0.56 pct, Nasdaq 0.78 pct

By Chuck Mikolajczak

NEW YORK, April 1 (Reuters) - U.S. stocks declined on Monday, with both the Dow and the S&P 500 retreating from record closing highs the previous session after weaker-than-expected U.S. manufacturing data.

The Institute for Supply Management's March manufacturing reading of 51.3 continued to show expansion, but activity slowed from the 54.2 reading in February.

A separate report showed construction spending rose more than expected in February, gaining 1.2 percent, compared with forecasts of a 1 percent rise.

"The ISM number is being misinterpreted, it is probably some misunderstanding about what the number really means - the headline doesn't look great, when in fact it is good," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.   Continued...