U.S. Stocks Pare Gains After ISM Manufacturing Trails Economist Estimates

U.S. stocks trimmed gains after a gauge of manufacturing trailed estimates and government data showed construction spending unexpectedly declined.

The Standard & Poor’s 500 Index was up 0.3 percent at 1,369.35 at 10:01 a.m. in New York after earlier rallying as much as 0.6 percent.

The Institute for Supply Management’s factory index fell to 52.4 in February from 54.1 a month earlier. Economists surveyed by Bloomberg News projected the gauge would climb to 54.5. Construction spending slipped 0.1 percent, Commerce fifw swpm drafts

The S&P 500 rose 8.6 percent this year through yesterday on better-than-estimated economic data. Measures of technology and financial shares had the biggest gains among 10 groups during that period, adding at least 13 percent.

Equities rose before data that may show manufacturing grew a fourth straight month. The number of Americans filing first- time claims for jobless benefits fell to a level matching a four-year low, more evidence the labor market is healing.

Other data showed consumer spending in the U.S. rose less than forecast in January after little change the previous month.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net

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