NEW YORK (AP) -- Wall Street managed a moderate advance Monday as a spate of takeover deals gave investors enough confidence to buy into the market despite a report showing that U.S. manufacturing is more sluggish than expected.
Investors drew support from big acquisitions announced before trading began, including deals to take credit card transaction processor First Data Corp. and media conglomerate Tribune Co. private. But gains were limited by the Institute for Supply Management's manufacturing index, which slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 51.0.
Also, putting pressure on technology stocks, the Semiconductor Industry Association said total chip sales in February fell to $20.09 billion from $21.48 in January due to seasonal weakness, lower manufacturing capacity and price cuts.
Wall Street has traded nervously the past few weeks on concerns about rising inflation and the overall health of the economy. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005.
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