US STOCKS-S&P 500 pulls back from record high after manufacturing data

Mon Apr 1, 2013 2:38pm 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

* Dow off 0.1 pct, S&P down 0.4 pct, Nasdaq falls 0.7 pct

By Caroline Valetkevitch

NEW YORK, April 1 (Reuters) - U.S. stocks fell on Monday, with the S&P 500 pulling back from its record closing high last week, as weaker-than-expected U.S. manufacturing data gave investors reason to book profits.

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, above forecasts of a 1 percent rise.

Recent data has pointed to a strengthening U.S. economy in general, however, and has helped push stocks to new record highs on both the Dow and S&P 500. That's likely to mean market pullbacks will be short-lived, analysts said.   Continued...