Mixed Results

Bank of America, Hewlett-Packard, American Express, and JPMorgan Chase led Dow gainers by percentage on Monday. The S&P 500 added some points and the Nasdaq closed out in the red. Moves were mixed today amid a smattering of economic news. Manufacturing activity increased in September. The Institute for Supply Management’s manufacturing index hit 51.5, up from 49.6 in August. Economists had expected a reading of 49.7. In merger action, 3M stepped up after the company agreed to purchase ceramic products maker Ceradyne for nearly $860 million. Elsewhere, Census Bureau data showed that construction spending decreased by 0.6% in August. Economists had expected spending to climb by 0.4%. Looking ahead, monthly data on services industry growth and minutes from the latest FOMC meeting will be issued on Wednesday.

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