The Standard & Poor's index of 500 stocks eased 4.12 points, or seven-tenths of 1 percent, to 578.37.

The purchasing managers' overall index eased to 49.3 points in May from 50.1 in April, a reading somewhat weaker than expected.

With grain prices falling this week, the index has eased to a gain of 11.7 percent for the year.

The department also said its indexes of coincident and lagging indicators eased two-tenths of 1 percent after advancing in October.

The broader Standard & Poor's 500-stock index eased 3.82 points, or 0.38 percent, to 1,014.81.

The Dow eased just 4.23 points, to 4,797.57, while the Standard & Poor's 500-stock index eased 0.26 point, to 583.35.

The American Stock Exchange's market-value index eased 0.74, to 362.87.

Separately, the Atlanta Fed's index of national business activity eased in September to a reading of 9.0 from 15.8.

Broader indexes than the Dow also eased yesterday.

The Standard & Poor's 500-stock index eased 0.99 point, to 616.71, and the Nasdaq composite index increased 3.65 points, to 1,033.47.