Stocks mixed on weak manufacturing data

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NEW YORK (CNNMoney)

On the first trading day of the second quarter, the Dow Jones Industrial Average was slightly higher, while the S&P 500 and the Nasdaq dipped

Trading is expected to be light following the holiday weekend.

The Institute for Supply Management's monthly manufacturing index for March came in at 51.3. That was lower than estimates of 54.0 and also below its February reading.

Meanwhile, data on construction spending from the Census Bureau came in above expectations.

U.S. stocks wrapped up a stellar first quarter Thursday, with the S&P 500 finally joining the Dow in hitting a new high. U.S. markets were closed on Good Friday.

Related: Stock rally may lose steam

"We're coming off a great first quarter," said Art Hogan, managing director at Lazard Capital Markets.

Thin trading could result in volatility, he said, even if there are no major news events.

China released data Monday that indicated an acceleration in manufacturing activity. Separately, Beijing and Shanghai announced new measures designed to cool housing prices.

Asian markets closed lower. The Nikkei dropped 2.1% while the Shanghai Composite declined 0.1%.

Related: Fear & Greed Index stays greedy

Markets in London, Frankfurt, Paris and Hong Kong were closed Monday for an extended Easter holiday.

"We come into a day where we're the only game in town," said Hogan.

What's moving: Tesla Motors (TSLA) jumped 11%, after the electric car maker said it expects to achieve its first-ever quarterly profit based on strong sales of its all-electric Model S.

Shares of eBay (EBAY, Fortune 500) rose 4% after analysts raised price targets on the online retailer.

The dollar gained ground against the euro and British pound but fell against the Japanese yen.

Oil prices fell, while gold prices edged higher.

The price on the 10-year Treasury fell slightly, pushing the yield up to 1.87% from 1.85%.

First Published: April 1, 2013: 9:46 AM ET

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