Monday, September 1, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Stocks rise in wake of revised manufacturing report

By
June 04, 2014 |

NEW YORK — Stocks closed mostly higher on a quiet Monday following two reports that showed the manufacturing industries of the world’s two largest economies expanded last month.

Both the Dow Jones industrial average and the Standard & Poor’s 500 index were able to set record highs for a second trading day in a row.

The Dow rose 26.46 points, or 0.2 percent, to 16,743.63. The S&P 500 rose 1.40 points, or 0.1 percent, to 1,924.97 and the Nasdaq composite fell 5.42 points, or 0.1 percent, to 4,237.20.

The Institute for Supply management said U.S. manufacturing grew at a brisk pace last month, correcting its earlier statement that growth had slowed. 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 that ISM initially reported.

The ISM manufacturing report is one of two closely watched reports each month, second only to the government’s monthly survey of the job market. To see major revisions to such a report the day it’s released was highly unusual, traders said, especially for a report that is so relied on each month.

“It’s a debacle, as far as ISM is concerned,” said Tom di Galoma, head of fixed income rates at ED&F Man Capital. “It’s hurt their credibility and it’s going to take a while for that to recover.”

Investors also got some positive manufacturing 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 rose 2.1 percent Monday.

Trading is expected to be quiet until later this week. Investors will get the May jobs report Friday, and the European Central Bank will announce its latest interest rate policy decision Thursday.

Economists expect that companies hired 220,000 workers last month, and that the unemployment rate remained steady at 6.3 percent, according to FactSet.

Other than the manufacturing reports, traders had little news to work with on Monday.

The real-estate investment trust Ventas said it would buy American Realty Capital Healthcare Trust 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 96 cents, or 10 percent, to $10.91 while Ventas fell $1.87, or 3 percent, to $64.93.

Semiconductor maker Broadcom was the biggest advancer in the S&P 500, jumping $2.97, or 9 percent, to $34.84. The company said it is exploring options for its cellular chip business, which could include selling the division or shutting it down.

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. Bond investors expect yields to remain at these levels for the foreseeable future.

“You’re still looking at a global economic picture that needs a lot more growth,” said Robert Tipp, chief investment strategist for Prudential Fixed Income.

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

 
Highway 12 project nears completion

By Barry Eberling | From Page: A1, 3 Comments | Gallery

‘Snail mail’ still kinda cool

By Tony Wade | From Page: A2

 
Senior center schedules discussion on senior travel

By Susan Hiland | From Page: A3

Local government schedule meetings

By Susan Hiland | From Page: A3

 
 
Car club raises funds, supplies for SPCA

By Ian Thompson | From Page: A3

 
Democrats plan candidates meet, greet

By Glen Faison | From Page: A3, 1 Comment

 
Stand Up 2 Cancer Viewing party set in Vacaville

By Susan Hiland | From Page: A3

Goodwill opens Outlet Store in Fairfield

By Barry Eberling | From Page: A7, 2 Comments | Gallery

 
Premier post details of new lease

By Barry Eberling | From Page: A7

 
Il Fiorello to host jazz event

By Barry Eberling | From Page: A7, 1 Comment

 
New doctors join NorthBay

By Barry Eberling | From Page: A7

Small earthquakes shake Solano

By Glen Faison | From Page: A9

 
.

Opinion

Compromise on Cordelia Road rail crossing costs

By Letter to the Editor | From Page: A8, 3 Comments

 
Justice for all

By Letter to the Editor | From Page: A8, 7 Comments

Good job, Susan Winlow

By Letter to the Editor | From Page: A8, 1 Comment

 
Editorial Cartoon: Sept. 1, 2014

By Daily Republic Syndicated Content | From Page: A8

 
Whopper of a tax dodge for Burger King

By Mike Kirchubel | From Page: A8, 26 Comments

 
Is social media enlarging or stifling democracy?

By Cynthia M. Allen | From Page: A8

.

Living

Community Calendar: Sept. 1, 2014

By Susan Hiland | From Page: A2

 
Today in History: Sept. 1, 2014

By The Associated Press | From Page: A2

Horoscopes: Sept. 1, 2014

By Holiday Mathis | From Page: B5

 
Is my husband right when he says men aren’t made for monogamy?

By Kathy Mitchell and Marcy Sugar | From Page: B5

 
Horoscopes: Sept. 2, 2014

By Holiday Mathis | From Page: B7

.

Entertainment

TVGrid

By Daily Republic Syndicated Content | From Page: A5

 
5 takeaways from a punch-less summer box office

By Jake Coyle | From Page: A11

Joan Rivers’ daughter: I’m keeping fingers crossed

By The Associated Press | From Page: A11

 
TVGrid

By Daily Republic Syndicated Content | From Page: A11

.

Sports

Wozniacki outlasts Sharapova, in US Open quarters

By The Associated Press | From Page: B1 | Gallery

 
Falcons looking to be defensive

By Paul Farmer | From Page: B1 | Gallery

 
Source: 49ers OL Boone agrees to new 2-yr deal

By The Associated Press | From Page: B1

49er Ray McDonald accused of domestic violence

By The Associated Press | From Page: B1, 1 Comment | Gallery

 
Kahne holds off Kenseth to win Atlanta shootout

By The Associated Press | From Page: B1

FC Kansas City wins NWSL title over Seattle, 2-1

By The Associated Press | From Page: B2

 
Raiders claim DE Mayowa off waivers

By The Associated Press | From Page: B2

Jensen waived after Jaguars awarded TE Shuler

By The Associated Press | From Page: B2

 
Otto wins Italian Open; Gallacher comes up short

By The Associated Press | From Page: B2

Weather for Monday, Sept. 1, 2014

By Daily Republic staff | From Page: B2

 
Henley takes a 1-shot lead at Deutsche Bank

By The Associated Press | From Page: B2

Dunn dealt to A’s, could be his last shot playoffs

By The Associated Press | From Page: B2

 
Fred Couples wins Champions Tour event

By The Associated Press | From Page: B2

A’s frustrated after 8-1 loss caps sweep by Angels

By The Associated Press | From Page: B2 | Gallery

 
Ernst wins LPGA’s Portland Classic in playoff

By The Associated Press | From Page: B2

Giants power past Brewers 15-5 for 3-game sweep

By The Associated Press | From Page: B2 | Gallery

 
Down at half, US beats Turkey in basketball worlds

By The Associated Press | From Page: B2

Source: Chiefs’ Smith agrees to 4-yr extension

By The Associated Press | From Page: B2

 
Tony Stewart’s return to race track ends early

By The Associated Press | From Page: B2

Sam clears waivers, meets with Fisher

By The Associated Press | From Page: B2

 
This date in sports history for Monday, Sept. 1, 2014

By The Associated Press | From Page: B3

 
.

Business

.

Obituaries

Laurie Danielson Bailey

By Nancy Green | From Page: A4, 1 Comment

 
Hazel Gertrude Wamsley

By Nancy Green | From Page: A4

Jerry Lee Trammell

By Nancy Green | From Page: A4, 6 Comments

 
.

Comics

Get Fuzzy Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Frank and Ernest Sept 1

By Daily Republic Syndicated Content | From Page: B4

Dilbert Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Zits Sept 1

By Daily Republic Syndicated Content | From Page: B4

Pickles Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Wizard of Id Sept 1

By Daily Republic Syndicated Content | From Page: B4

Garfield Sept 1

By Daily Republic Syndicated Content | From Page: B4, 1 Comment

 
Sally Forth Sept 1

By Daily Republic Syndicated Content | From Page: B4

For Better or Worse Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Baby Blues Sept 1

By Daily Republic Syndicated Content | From Page: B4

Peanuts Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Blondie Sept 1

By Daily Republic Syndicated Content | From Page: B4

Rose is Rose Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
Baldo Sept 1

By Daily Republic Syndicated Content | From Page: B4

Beetle Bailey Sept 1

By Daily Republic Syndicated Content | From Page: B4

 
B.C. Sept 1

By Daily Republic Syndicated Content | From Page: B4

Word Sleuth Sept 1

By Daily Republic Syndicated Content | From Page: B5

 
Sudoku Sept 1

By Daily Republic Syndicated Content | From Page: B5

Crossword Sept 1

By Daily Republic Syndicated Content | From Page: B5

 
Cryptoquote Sept 1

By Daily Republic Syndicated Content | From Page: B5

Wizard of Id Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
For Better or Worse Sept 2

By Daily Republic Syndicated Content | From Page: B6

Sally Forth Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
Peanuts Sept 2

By Daily Republic Syndicated Content | From Page: B6

Blondie Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
Rose is Rose Sept 2

By Daily Republic Syndicated Content | From Page: B6

Get Fuzzy Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
B.C. Sept 2

By Daily Republic Syndicated Content | From Page: B6

Baldo Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
Garfield Sept 2

By Daily Republic Syndicated Content | From Page: B6

Frank and Ernest Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
Zits Sept 2

By Daily Republic Syndicated Content | From Page: B6

Dilbert Sept 2

By Daily Republic Syndicated Content | From Page: B6

 
Crossword Sept 2

By Daily Republic Syndicated Content | From Page: B7

Cryptoquote Sept 2

By Daily Republic Syndicated Content | From Page: B7

 
Sudoku Sept 2

By Daily Republic Syndicated Content | From Page: B7

Bridge Sept 2

By Daily Republic Syndicated Content | From Page: B7

 
Word Sleuth Sept 2

By Daily Republic Syndicated Content | From Page: B7