STOCKS MAKE BIG COMEBACK AFTER MOUNTAIN OF NEWS: Here's What You Need To Know

It was the first trading day of the month, and it came in the wake of a ton of economic news. U.S. stocks struggled early in the trading session, but climbed back to end the day in the green.

First the scoreboard:

Dow: 15,253, +138.3 pts, +0.8%
S&P 500: 1,640, +9.6 pts, +0.5%
NASDAQ: 3,465, +9.4 pts, +0.2%

And now the top stories:

• As usual, the month kicked off with the manufacturing purchasing managers index (PMI) reports from around the world. The widely followed Chinese PMI reports were mixed. The official PMI report published by the Chinese government unexpectedly climbed to 50.8 in May, beating expectations. However, the unofficial PMI produced by Markit/HSBC fell to 49.6, which was worse than expected. A reading below 50 signals contraction.
• PMI reports from neighboring Asian countries seemed to confirm a slowdown. South Korean, Taiwanese, Vietnamese, Indonesian, and Indian PMI readings all fell in May.
• All of the European countries reported improvements in their PMIs, but most of the region continues to contract.
• In the U.S., the closely followed ISM manufacturing index plunged to 49.0 from 50.7 in April. This was the worst reading since June 2009.
• "While we strongly doubt the U.S. economy is heading for renewed recession, the ISM’s recession indicator (new orders minus inventories) delivered a negative reading for the first time since August 2012," said Miller Tabak Chief Economic Strategist Andrew Wilkinson. "Not worrying at this point, but something to keep an eye on next time around."
• Construction spending climbed by just 0.4% month-over-month in April, missing expectations for a 0.9% gain. But it's also worth noting that the March measure was revised up to -0.8% from -1.7%.
• Meanwhile, Nikkei futures crumbled during electronic trading. This doesn't bode well for Japan's stock market when it opens on Tuesday.