US stocks rise on solid economic data
US stocks spent Monday in positive territory on generally strong manufacturing data, although leading indices closed well below their intraday highs.
At the closing bell, the Dow Jones Industrial Average was up 63.82 (0.43 percent) to 14,973.42. The Dow rose as high as 15,083 earlier in the session.
The broad-based S&P 500 added 8.60 (0.54 percent) to 1,614.88, while the tech-rich Nasdaq Composite Index jumped 31.24 (0.92 percent) to 3,434.49.
Brent Schutte, a market strategist at BMO Private Bank said the monthly Institute of Supply Management reading of US manufacturing activity was "pretty good."
The ISM data showed the manufacturing index rising to 50.9 percent in June compared with 49 in May. At the same time, the ISM showed manufacturing employment contracted for the first time in September 2009.
"I don't know if bad news is good news or good news is good news," Schutte said. Markets "seem to be in this tug-of-war period."