The Globe and Mail reports in its Tuesday edition that the Dow and S&P 500 edged lower on Monday, dragged down by investor worries over the timing of interest rate cuts by the Federal Reserve after stronger-than-expected manufacturing data pushed Treasury yields higher. A Reuters dispatch to The Globe says that Toronto was able to finish slightly in the green -- enough for a fresh record closing high -- amid a rally in energy and materials. The Institute for Supply Management said its manufacturing index increased to 50.3 last month, the highest and first reading above 50 since September, 2022, from 47.8 in February. It suggested the U.S. manufacturing sector, which has been battered by higher interest rates, was recovering. "We would prefer a stronger economy with less rate cuts than a weaker economy with more rate cuts but, on a short term basis, the narrative has moved to about three rate cuts," said Keith Lerner at Truist Wealth in Atlanta. Canada's two-year and five-year bond yields were both up to their highest levels since mid-March. Interest-rate-sensitive sectors in Toronto, such as utilities and financials, were the biggest decliners. The S&P/TSX Composite Index closed at 22,185.25, up 18.22 points.