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Benchmarks scored record highs yet again on Monday following encouraging ISM manufacturing data. Initially, benchmarks made losses owing to erroneous manufacturing data, but they rebounded once a correction was made which showed the index had grown at its fastest pace this year. Monday’s gains helped the S&P 500 close on a record high for the 15th time this year. The blue-chip index also closed at a record level for the 6th time this year. However, the Nasdaq ended in the red due to declines in tech-bellwethers Apple and Google.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article
 
The Dow Jones Industrial Average (DJI) gained 0.2% to close Monday’s trading session at 16,743.63. The Standard & Poor 500 (S&P 500) went up 0.1% to finish at 1,924.97. The tech-laden Nasdaq Composite Index dropped 0.1% to 4,237.20. The fear-gauge CBOE Volatility Index (VIX) went up 1.6% to settle at 11.58. Total volume for the day was roughly 4.68 billion shares, lower than this month’s average of 5.75 billion. Decliners outpaced advancing stocks on the NYSE.  For 50% stocks that declined, 46% advanced.
 
Benchmarks moved lower in early hours following erroneous manufacturing data. The Institute for Supply Management reported its May PMI came in at 53.2%, down from April’s reading of 54.9%. However, data was revised in the afternoon after ISM discovered an error in its software for calculating the May 2014 Manufacturing PMI. ISM reported May PMI to have increased 0.5 percentage points from April’s reading of 54.9% to 55.4%. The revised May PMI was in line with the consensus estimate and indicated US factories expanded at the fastest pace this year. The data boosted investor sentiment and helped the S&P 500 and the Dow close at record levels.
 
Additionally, the New Orders Index had increased 1.8 percentage points to 56.9% in May from April’s reading of 55.1%. The Production Index also advanced 5.3 percentage points to 61.0% in May.
 
The final Markit reading of US Manufacturing Purchasing Managers Index was better than its preliminary reading. The final reading showed Markit US flash purchasing managers index went up to 56.4 in May from 55.4 in April. The preliminary reading showed Markit US flash purchasing managers index climbed to 56.2 in May.
 
Separately, the US Census Bureau of the Department of Commerce reported construction spending of $953.5 billion in April, up 0.2% from revised March estimate of $951.6 billion. However, this increase in the payout by builders on residential and nonresidential structures was less than the consensus estimate of an increase by 0.7%.
 
The Nasdaq ended in negative territory following a decline in technology bellwethers. Shares of Apple Inc. (NASDAQ:AAPL) dropped 0.7% after the company’s new iOS8, released at the Worldwide Developers’ Conference, failed to impress investors. Shares of Google Inc. (NASDAQ:GOOGL) declined 1.1% after its services faced blockages in China. The government in China increased their control over Internet ahead of this week’s 25th anniversary of the 1989 crackdown on pro-democracy supporters in Tiananmen Square. Shares of Google also took a beating after its head of business development left the company. Other key stocks from the technology sector such as Microsoft Corporation (NASDAQ:MSFT), AT&T, Inc. (NYSE:T) and Oracle Corporation (NYSE:ORCL) decreased 0.4%, 0.1% and 0.1%, respectively. Overall, the Technology Select Sector SPDR (XLK) declined 0.2%.
 
Six out of 10 sectors of the S&P 500 ended in the green. The Industrial Select Sector SPDR (XLI) and the Materials Select Sector SPDR (XLB) led the advance as both the sectors gained 0.4%. Key stocks from the Industrial sector such as General Electric Company (NYSE:GE), United Technologies Corp. (NYSE:UTX), The Boeing Company (NYSE:BA), Honeywell International Inc. (NYSE:HON) and Caterpillar Inc. (NYSE:CAT) increased 0.2%, 1.0%, 0.5%, 0.3% and 1.5%, respectively.
 
Major holdings from the Materials sector such as The Dow Chemical Company (NYSE:DOW), Monsanto Company (NYSE:MON), LyondellBasell Industries NV (NYSE:LYB), Praxair Inc. (NYSE:PX) and Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) advanced 0.8%, 0.4%, 0.6%, 1.4% and 0.2%, respectively.

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