Market View:

Strange day, with a weaker ISM number being revised 2 times in one day?? Someone just got fired I think!  Whoops.

Still the final number that settled came in above expectations and so the market recovered to finish at new highs.  I am still looking for some weakness over the next couple of days as this recent push up need to blow of some steam so we can reach a higher high.  I continue to be surprised length of this rally without a small dip.  But when it comes it will probably be bought anyway.

Market News:

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.

Among other economic reports, construction spending ticked up in April to its best level in nearly five years, but still missed estimates.

Other economic data this week include reports on factory orders and car sales, as well as the widely-watched jobs report on Friday. Investors will also be looking to Europe as Mario Draghi confronts the threat of deflation, preparing to unleash an array of measures to jolt the economy and ignite prices.

International movements: European markets closed slightly higher, with the FTSE 100 in London and the Dax 30 in Germany outpacing CAC 40 in France.

In Asia, a reading of manufacturing activity in China showed the country’s factory sector continued to strengthen after a rough start to the year. The data has boosted investor confidence, but not everyone was able to react to the news since a handful of Asian markets were closed for a holiday. The Nikkei in Japan surged by just over 2%

News Sources:  CNBC and CNN Money