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SP 500 Dips, as Healthcare Weighs; Dow Ends Higher

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The SP 500 dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.

The SP 500 financial sector hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector 3.9, its biggest oneday gain in nearly four months. The heavyweight tech sector fell while the healthcare sector was dragged down by a weak profit forecast from Abbott Laboratories.

Data showed U.S. manufacturing activity picked up in May as pentup demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.

People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary, Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

The Dow Jones Industrial Average rose 45.86 points, or 0.13, to 34,575.31; the SP 500 lost 2.07 points, or 0.05, at 4,202.04; and the Nasdaq Composite dropped 12.26 points, or 0.09, to 13,736.48.

Along with sharp gains for financials and energy, the smallcap Russell 2000 rose 1.1 on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.

While the SP 500 remains less than 1 of its record high after four straight months of gains, investors are…

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