July 2, 2012 / 2:13 PM / 5 years ago

US STOCKS SNAPSHOT - Stocks lower as US manufacturing contracts

NEW YORK, July 2 (Reuters) - U.S. stocks gave up early gains and turned lower on Monday after data showed that the U.S. manufacturing sector contracted in June for the first time since July 2009 in another blow for the economic recovery.

The Dow Jones industrial average dropped 54.53 points, or 0.42 percent, to 12,825.56. The Standard & Poor's 500 Index dropped 4.34 points, or 0.32 percent, to 1,357.82. The Nasdaq Composite Index dropped 5.80 points, or 0.20 percent, to 2,929.25.

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