Industrial shares posted modest declines while economic data showed an increase in manufacturing activity.
Business activity picked up pace in the U.S. in June, business surveys showed Friday, reaching its highest level in more than two years.
The S&P Global Flash U.S. Composite PMI -- which gauges activity in the manufacturing and services sectors -- rose to 54.6 in June from 54.5 in May, marking a 26-month high. A level over 50 indicates expansion in private-sector activity.
The measure for the manufacturing sector increased to 51.7 from 51.3 a month earlier, topping economists' expectations, according to poll by The Wall Street Journal.
Despite the pickup in activity, businesses said they increased the prices they charge at the slowest pace in five months, while reporting that the prices they paid for raw materials and other inputs also cooled.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
06-21-24 1642ET
