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U.S. Stocks Pare Losses After Services, Factory Orders Data

U.S. Stocks Pare Losses After Services, Factory Orders Data
Traders work on the floor of the New York Stock Exchange. Photographer: Jin Lee/Bloomberg

U.S. stocks pared losses after separate reports showed service industries grew more than forecast last month and factory orders in April trailed estimates.

The Standard & Poor’s 500 Index fell 0.1 percent to 1,629.06 at 10:05 a.m. in New York, trimming an earlier decline of as much as 0.4 percent.

The Institute for Supply Management’s non-manufacturing index, which covers almost 90 percent of the economy, rose to 53.7 in May from 53.1 the prior month, the Tempe, Arizona-based group said today.

A separate report from the Commerce Department showed U.S. factory orders rose 1 percent in April, following a revised 4.7 percent decline the prior month. The median forecast of 61 economists in a Bloomberg survey predicted orders would climb by 1.5 percent.

An earlier report from Roseland, New Jersey-based ADP Research Institute showed employers added 135,000 workers in May, up from a revised 113,000 in April. That was fewer than the 165,000 median forecast of 40 economists surveyed by Bloomberg.

The S&P 500 fell 0.6 percent yesterday, the seventh day of alternating between gains and losses as Fed policy makers continue to debate whether the economy is strong enough to begin reducing monetary stimulus.

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