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Monday Morning Business Brief

June 2, 2014, 6:01 AM

Monday Morning Business Brief
NEW YORK -

It's a new week of trading and a new month. Two out of the three major U.S. stock indexes are at record highs. The Dow reached 16,717 on Friday and the S&P 500 closed at 1,923. May was the best month for investors since February. The S&P rose 2.1 percent for the month, while the Dow rose 0.8 percent and the Nasdaq rose 3.1 percent. Futures point to some gains this morning.

  • Asian stock markets advanced today after two Wall Street benchmarks hit record highs and investors waited for a U.S. jobs report later in the week. But the upbeat trend was carried over only marginally to the European markets where France's exchange fell in early trading. Benchmark U.S. crude oil rose above $103 a barrel. The dollar gained against the euro and the yen.
     
  • There are two bellwether reports scheduled for release today. The Institute for Supply Management will issue its manufacturing index for May and the Commerce Department will report April's construction spending numbers. Tomorrow, the government will release factory orders for April and automakers will report last month's vehicle sales.
     
  • The Obama administration will unveil a plan today to cut earth-warming pollution from power plants by 30 percent by 2030. The regulation, when it becomes final a year from now, will set the first-ever national limits on the gases linked to global warming from the nation's power plants. They're the largest source of greenhouse gases.
     
  • A state-sanctioned industry group says Chinese manufacturing grew for the third consecutive month in May, suggesting a slowdown in the world's second-largest economy is stabilizing. The China Federation of Logistics and Purchasing says that its monthly purchasing managers index rose to 50.8 points in May on a 100-point scale. Numbers above 50 show activity expanding. That was up from April's 50.4 points.

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