Stocks erase losses after US manufacturing report is revised higher; Broadcom jumps

NEW YORK, N.Y. – Stock indexes erased an early slide and ended with modest gains after a report on U.S. manufacturing was revised higher.

A trade group said U.S. manufacturing grew at a brisk pace last month, correcting its earlier statement that growth had slowed.

The Dow Jones industrial average rose 26 points, or 0.2 per cent, to close at 16,743 Monday. Caterpillar rose the most in the Dow.

The Standard & Poor’s 500 index gained a point, less than 0.1 per cent, to 1,925. The Nasdaq composite lost five points, or 0.1 per cent, to 4,237.

Broadcom jumped 9 per cent after saying it would seek a buyer for its division that makes chips used in cellular devices.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.53 per cent.