There were some weird shenanigans going on with the stock market yesterday, as a key economic indicator kept getting revised - and kept moving the market. The Institute for Supply Management released its May report on manufacturing growth at 10:00 a.m., and it was a disappointing 53.2, down from a reading of 54.9 in April. The S&P 500 dipped some on the news, at one point sitting down 0.4 percent on the day.
But then the ISM announced a revision. The May figure was actually 56, an increase from April's reading, and above the consensus expectation of 55.6. Then at noon, came a third reading: The May index was really 55.4, and there it remained for the rest of the day.
The S&P recovered as the number was revised upward. Eventually, it closed with a very marginal increase of 0.07 percent for the day. But the day's entire roller coaster ride seems to be attributable to simple series of mistakes.
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