Dow, S&P 500 hit record closes

The Dow and S&P 500 on Monday again rose to new records following a solid report on US manufacturing activity, even as the Nasdaq lost ground. The Dow Jones Industrial Average advanced 26.46 points (0.16 per cent) to 16,743.63, while the S&P 500 added 1.40 (0.07 per cent) at 1,924.97. Both indices notched closing records for the 3rd straight session. But the tech-rich Nasdaq Composite Index fell 5.42 (0.13 per cent) to 4,237.20. Markets got an unexpected lift mid-session when the Institute of Supply Management said its purchasing managers index of US manufacturing activity rose in May to 55.4 from 54.9 in April, rather than slowing to 53.2 as it first reported. Real estate investment trust Ventas will acquire American Realty Capital Healthcare Trust, which owns medical office buildings and other health-care and aging facilities, for $2.6 billion, the companies announced. Ventas dropped 2.8 percent while American Realty jumped 9.7 percent. Activist investor Pershing Square Management filed papers calling for the removal of six directors of Botox-maker Allergan, which has opposed an unsolicited takeover campaign by Pershinq Square and Valeant Pharmaceuticals International. Allergan rose 2.9 per cent, while Valeant advanced 2.3 per cent. Bond prices fell. The 10-year US Treasury rose to 2.53 per cent from 2.46 per cent on Friday, while the 30-year increased to 3.38 per cent from 3.31 per cent. Bond prices and yields move inversely, according to AFP.