Manufacturing data pulls back Wall Street from record highs
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Stocks declined on Monday after weaker-than-expected manufacturing data gave investors reason to book profits after both the Dow and S&P 500 set record closing highs in the prior session.
The Institute for Supply Management's March manufacturing reading of 51.3 continued to show expansion, but activity slowed from the 54.2 reading in February.
A separate report showed construction spending rose more than expected in February, gaining 1.2 percent, compared with forecasts of a 1 percent rise.
"We went into the first quarter with all the concern about the fiscal cliff, people had adjusted expectations lower, now expectations have come back up, so it's going to be a little bit tougher hurdle right now," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
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