NEW YORK — Stocks erased an early loss Monday after a trade group said U.S. manufacturing grew at a brisk pace last month, correcting its earlier statement that growth had slowed. Investors were caught off guard since changes to the report are very unusual.
KEEPING SCORE: The Dow Jones industrial average rose 16 points, or 0.1 percent, to 16,734 as of 12:55 p.m. Eastern. The Standard & Poor's 500 index was up a point to 1,924 and the Nasdaq composite lost six points, or 0.2 percent, to 4,236. The Dow and S&P 500 both closed at record highs on Friday.
ISM REVISIONS: The Institute for Supply management had to issue two corrections to its monthly manufacturing report, which investors keep a close eye on as an indicator of where the U.S. economy is heading. The ISM said the correct number for its manufacturing index was 55.4 in May, in line with what economists were expecting. That's a better result than the 53.2 figure reported initially.
MADE IN CHINA: There was also encouraging economic news out of Asia. A Chinese manufacturing index edged up to 50.8 in May from 50.4 in April. Asian stocks rose on the report. Japan's Nikkei increased 2.1 percent.
ANOTHER HEALTHCARE DEAL: The real-estate investment trust Ventas said it has reached a deal to buy American Realty Capital Healthcare Trust Inc. in a $2.6 billion cash-and-stock deal. The companies each own medical care offices along with other properties. A.R.C.'s stock rose 97 cents, or 10 percent, to $10.91 while Ventas fell $1.41, or 2 percent, to $65.39.
BROADCOM: Semiconductor maker Broadcom rose $2.65, or 8 percent, to $34.49. The company said it is exploring options for its cellular chip business, which could include selling the division or shutting it down.
BONDS PULL BACK: The yield on the 10-year Treasury note rose to 2.53 percent from 2.48 percent on Friday. Even with the modest increase, bond yields are still trading near their lows for the year.
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