And that was confirmed by more economic data Monday. The Conference Board said the economy contracted in June as factories cut workers' hours and stocks tumbled. The research group's index of leading economic indicators, a gauge of future economic activity, fell 0.1 percent, in line with estimates by Wall Street economists surveyed by Thomson Financial/IFR. It also revised its May figure to show a decline instead of slight growth.
The Russell 2000 index of smaller companies rose 4.55, or 0.66 percent, to 697.63.
Consolidated volume on the New York Stock Exchange came to 4.50 billion shares, compared with 5.49 billion shares traded Friday.
Overseas, markets in Japan were closed for a holiday. Britain's FTSE 100 rose 0.52 percent, Germany's DAX index added 0.66 percent, and France's CAC-40 rose 0.65 percent.
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