Stocks Ended Mostly Higher Despite Weak Manufacture Data

U.S. stocks ended mostly higher on Monday, as Dow and S&P 500 gained while Nasdaq dropped, despite weaker-than-expected manufacturing data. The Dow Jones Industrial Average jumped 238.38 points, or 0.70%, to 34,113.23. The S&P 500 added 11.49 points, or 0.27%, to 4,192.66. The Nasdaq Composite fell 67.56 points, or 0.48%, to 13,895.12.

IHS Markit’s final U.S. manufacturing purchasing managers’ index for April pulled back slightly at the end of the month, with rising costs and supply chain delays weighing on the sector. The IHS Markit manufacturing purchasing managers’ index closed out the month at 60.5.

Construction spending increased 0.2% in March over February, the Commerce Department said Monday. This came following a 0.6% drop in spending in February, which was largely due to inclement weather.

Telecommunications giant Verizon (VZ) said Monday it agreed to sell its media business segment, including Yahoo and AOL, to private equity firm Apollo Global Management. Verizon is currently the parent company of Yahoo Finance.