S&P 500 Pares Gain as Manufacturing Shrinks For Eighth Month
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergUS stocks advanced on Monday as Amazon.com Inc.’s $38 billion deal with OpenAI elevated artificial-intelligence related stocks and overshadowed an Institute for Supply Management report showing a continuing slump in the nation’s manufacturing sector.
The S&P 500 Index closed 0.2% higher in New York, after paring a gain of as much as 0.6%., while the tech-heavy Nasdaq 100 Index rose 0.4%. Bloomberg’s basket for the so-called Magnificent Seven rose 1.2%, closing at a fresh all-time high.