Stocks dip after manufacturing growth slows
NEW YORK -- The stock market got off to a slow start in April, edging lower after the Standard and Poor's 500 index eclipsed its all-time high last week.
The main catalyst was a slowdown in U.S. manufacturing growth last month. The decline in the Institute for Supply Management's benchmark manufacturing index for March was worse than economists had forecast. Stocks started falling shortly after the report came out at 10 a.m. and stayed lower the rest of the day.
The Dow Jones industrial average closed 5.69 points, or 0.04 percent, lower at 14,572.85. The Standard & Poor's 500 index dropped 7.02 points, or 0.5 percent, to 1,562.17.
Industrial companies fell 1 percent, the most in the S&P. 3M, which makes Post-it notes, industrial products and construction materials, fell 66 cents, or 0.6 percent, to $105.65. Caterpillar, a maker of construction and mining equipment, dropped $1.33, or 1.5 percent, to $85.64.