US STOCKS-Wall St flat on U.S. factory data, oil pullback

miércoles 1 de junio de 2016 13:05 GYT
 

* Oil prices pare losses on chance of OPEC output cap

* Global factory data muted; U.S. tops expectations

* Michael Kors jumps on strong sales growth

* Dow down 0.15 pct, S&P down 0.1 pct, Nasdaq up 0.01 pct (Updates to early afternoon)

By Tanya Agrawal

June 1 (Reuters) - U.S. stocks were little changed on Wednesday afternoon, recovering from steep losses earlier in the session, helped by encouraging factory data and a pull back in oil prices.

Wall Street fell earlier after surveys showed global manufacturing activity remained stuck in a rut last month, with factory output from Asia and Europe barely improving as producers struggled to bring in new orders.

But, U.S. manufacturers fared better than their overseas counterparts in May, reporting slightly higher growth than economists expected, according to the Institute for Supply Management.

That helped ease fears of a slowdown in global growth and, along with a oil prices paring some losses on the likelihood of OPEC considering a new output ceiling, gave investor sentiment a boost.   Continuación...