June trade saw a fall in the Dow Jones Industrial Average as concerns about the health of the economy were raised by disappointing U.S. manufacturing statistics.
The shares that withered first were banks, industrials, and other growth-dependent stocks. To close at 38,571.03, the 30-stock Dow fell 115.29 points, or 0.30%.
The Nasdaq Composite rose 0.56% to 16,828.67, while the S&P 500 finished the session at 5,283.40, up 0.11%. Energy, industrials, and commodities equities closed down, as did cyclical stocks whose performance is strongly correlated with economic growth.
The dollar and Treasury yields dropped earlier as the ISM manufacturing index, which was 48.7 in May, indicated that the US manufacturing sector was slowing down. A score of less than 50 indicates a contraction.
Source (CNBC)
