News Summary: Stocks drop on manufacturing report

Last Updated: Mon, Apr 01, 2013 21:30 hrs

: Stocks got April off to a sluggish start after an industry group said that manufacturing growth slowed in March. The decline was bigger than economists had been expecting and the S&P 500 closed lower, after logging a record close last week.

ELECTRIC VROOM: Tesla Motors bucked the trend, jumping 16 percent to $43.93. The electric car company said sales are running ahead of schedule. The company said Sunday night that first-quarter sales have exceeded 4,750 Model S sedans, above its previous forecast of 4,500.

STAY TILL MAY: April follows December as statistically the second-strongest month of the year, averaging a return of 1.4 percent since 1960, according to analysts at Deutsche Bank. If investors are betting on a pullback, now may not be the time to do it, the bank's stock analysts said in a report.

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