Stocks end choppy day with small gains
Specialist Vincent Surace, right, works at his post on the floor of the New York Stock Exchange, Friday, May 2, 2014. Credit: AP / Richard Drew
Stocks are closing slightly higher as enthusiasm about an improving U.S. service sector outweighed concerns about China.
At the close on Wall Street, the Standard & Poor's 500 rose 3.5 points, or about 0.2 percent, to 1,884.7. Utilities stocks rose the most in the index, a sign that investors remain cautious.
The Dow Jones industrial average gained 17.7 points, or about 0.1 percent, to 16,530.6. The Nasdaq composite added 14.2 points, or about 0.3 percent, to 4,138.1.
The market started the day lower on news that manufacturing contracted in China in April for the fourth month in a row.
Indexes erased their losses in midmorning trading after a U.S. trade group reported that service firms grew more quickly last month.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
