US REPORT: Stocks ended broadly higher yesterday, putting the benchmark Dow and S&P 500 at their highest closes for the year on an encouraging economic report that raised investors' hopes of a recovery in the next few months.
Dow Jones Industrial Average: 8,897.81 (+47.55)
But the tech-laden Nasdaq Composite Index fell, weighed down by a sell-off in semiconductor stocks.
The Institute for Supply Management's closely watched survey showed that the battered US manufacturing sector slowed its rate of decline by more than economists had expected. The ISM index came in at 49.4 in May, beating forecasts for a rise to 48.6 from April's 45.4.
The Dow Jones Industrial Average was up 47.55 points, or 0.54 per cent, at 8,897.81, after surpassing the psychologically key 9,000 level earlier. The Standard & Poor's 500 Index was up 3.41 points, or 0.35 per cent, at 967, breaking through the high hitlast summer of 965.
The Nasdaq was off 5.16 points, or 0.32 per cent, at 1,590.75, having earlier risen more than 1.5 per cent. Traders said investors opted to lock in profits from the recent rally after gauges like the Dow and the Philadelphia semiconductor index failedto break through key technical levels.
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