Comment
0
Tweet
0
Print
RSS Feeds

Mixed start for stocks...Auto sales gain in May...Manufacturing gauge indicates contraction

Monday - 6/3/2013, 11:40am  ET

NEW YORK (AP) -- Stocks got off to a mixed start on Wall Street, but are moving higher as the latest economic numbers roll in. Traders are eyeing the sales reports from automakers and new data on the manufacturing sector and construction spending. The Dow was up more than 70 points in the first hour of trading, while the S&P 500 and the Nasdaq edged into positive territory.

DETROIT (AP) -- U.S. automakers are reporting May sales figures today. Chrysler says its sales rose 11 percent, rebounding from a slight dip in April. Ford says its U.S. sales rose 14 percent. General Motors says its monthly sales were the strongest since September of 2008, up 3 percent over May of last year.

WASHINGTON (AP) -- The Institute for Supply Management says its index of manufacturing activity fell to 49 last month. That's down from 50.7 in April and the lowest level in nearly four years. A reading under 50 indicates contraction. The report says weak economies abroad have slowed U.S. exports while U.S. businesses reduced their pace of investment in areas such as equipment and computer software.

WASHINGTON (AP) -- Spending on construction projects rose in April despite weakness in residential projects and government spending. The Commerce Department says construction spending rose 0.4 percent in April. That compares with a revised 0.8 percent drop in March.

DETROIT (AP) -- Ford is recalling about 465,000 cars and SUVs, saying the fuel tanks can leak and cause fires. The global recall affects the Ford's Fusion, Explorer, Taurus, Flex, Police Utility and Police Interceptor modes and the Lincoln MKS, MKT and MKZ. All the vehicles are from the 2013 model year. Ford says customers could smell gas or see a leak on the ground.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.