Stocks Ended Higher on Services Sector Data

U.S. stocks closed higher on Monday, as better-than-expected data on the U.S. services sector aided markets. The Dow Jones Industrial Average gained 17.66 points, or 0.11%, to 16,530.55. The S&P 500 was up 3.52 points, or 0.19%, to 1,884.66. The Nasdaq Composite rose 14.16 points, or 0.34%, to 4,138.06.

The service sector expanded last month at its fastest pace since the summer, adding to recent upbeat news about economic growth after a harsh winter slowed the recovery. The Institute for Supply Management said Monday that its purchasing managers index for non-manufacturing companies rose to 55.2 in April, from 53.1 the previous month.

American International Group (AIG) said Monday it had net income of $1.6 billion, or $1.09 a share, in the first quarter, down from $2.2 billion, or $1.49 a share, in the same period a year ago.

The Coca-Cola Company said on Monday it will remove a controversial flavoring stabilizer from some of its drinks, following rival PepsiCo Inc’s announcement earlier this year that it would drop the same ingredient from its drinks.

Google is adding two more densely-populated areas to its Google Shopping Express same-day delivery service. By Jared Newman Mon, May 05, 2014.