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The close: S&P 500 falls from a record high

Traders work on the floor at the New York Stock Exchange just following the closing bell on March 5. The Dow Jones industrial average soared to a record closing high.

BRENDAN McDERMID/REUTERS

Stocks fell on Monday, following a disappointing reading on U.S. manufacturing last month, pushing the benchmark S&P 500 from its record-high close on Thursday.

The S&P 500 closed at 1562.17, down 7.02 points or 0.5 per cent. The blue-chip Dow Jones industrial average closed at 14,572.85, down 5.69 points or zero per cent. In Canada, the S&P/TSX composite index closed at 12,693.96, down 55.94 points or 0.4 per cent.

The moves comes as the latest batch of economic news missed forecasts.

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The ISM manufacturing index in March retreated to a reading of 51.3, down from 54.2 in February and well below expectations for a reading of 54.

News abroad also disappointed. South Korean exports missed forecasts, as did Chinese factory output. In Japan, a central bank survey illustrated rising pessimism among large manufacturers.

Japan's Nikkei 225 fell 2.1 per cent in overnight trading.

European markets were closed.

Within the S&P 500, industrials fell 1.1 per cent, technology stocks fell 1 per cent and consumer discretionary stocks fell 0.8 per cent. Economically defensive telecom and health care stocks rose modestly.

In Canada, industrials fell 1.6 per cent, utilities fell 1.1 per cent and materials fell 0.9 per cent. Energy stocks rose 0.2 per cent.

Among key commodities, crude oil fell to $97.42 (U.S.) a barrel, down 22 cents. Gold rose close to $1,599 an ounce, up $3.80.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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