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Closing Bell: S&P turns bulls into burgers

Today was one of those strange days where you could find good news and winners, as long as you didn't look at the ticker tape. The Institute for Supply Management posted a reading of 49.6% for may, above 48.6% in April and above the 47.9% reading for April. While this was higher, we also saw a 250 basis point rise to 87.0% in the pricing index. The report from the US Commerce Department also showed another drop in construction spending of -0.4% in April after seeing a -0.6% reading for May. Below are the unofficial closing bell levels for major US index levels:
Today was a strange day in financial stocks, particularly in the brokerage firm sector. S&P downgraded several brokers and banks and the brokerage firm Lehman Brothers Holdings Inc. (NYSE: LEH) was hit the worst in the group. Its stock was down 8% at $33.83 in the final minutes of the day.

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IndexesChangePrice
DJIA0.0012,529.75
NASDAQ0.002,839.38
S&P 5000.001,320.68

Last updated: May 25, 2012: 09:05 AM

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