Stocks closed narrowly mixed on the first trading day of June, but the Dow and S&P 500 squeezed out gains to finish at fresh highs.
In an unusual move, the ISM corrected its May manufacturing data for a second time to 55.4. The index was first corrected to 56 after being initially reported as 53.2 at 10 am ET. Analysts polled by Reuters expected a reading of 55.5.
Stocks came off the lows of the day after word of the initial adjustment began to circulate. The market was still higher after the second revision.
"Bottom line, we've seen a nice spring rebound but it still looks like we are just getting back to the pre-winter trend rather than being on the cusp of a new acceleration in growth," according to Peter Boockvar, chief market analyst at The Lindsey Group.