US stocks drop on weak manufacturing data
US stocks retreated Monday, weakened by mediocre economic data and cautious sentiment after recent record highs. AP
NEW YORK—US stocks retreated Monday, weakened by mediocre economic data and cautious sentiment after recent record highs.
At the closing bell, the Dow Jones Industrial Average dropped 6.22 points (0.04 percent) to 14,572.32.
The broad-based S&P 500 gave up 7.07 (0.45 percent) at 1,562.12, while the tech-rich Nasdaq Composite Index sank 28.35 (0.87 percent) to 3,239.17.
The Institute for Supply Management said its manufacturing sector activity index came in at 51.3 in March, below the 54.0 percent expected by analysts.
Michael James, managing director of equity trading at Wedbush Morgan Securities, said the market was also poised for a pause after the Dow and S&P 500 hit record highs last week.
“It’s a little bit of a pullback in an upward trend,” James said.
