U.S. stocks slipped on Monday, after the Standard & Poor's 500-stock Index broke through its all- time closing high on Thursday, as disappointing U.S. manufacturing activity weighed on the market.

Monday was the first trading day in the second quarter. Investors were concerned over if Wall Street could extend the rally in the first quarter when the benchmark S&P 500 jumped 10.0 percent.

The main stock indices opened slightly lower after a long holiday weekend. The Asian stock market was mixed on Monday. Meanwhile, some European stock exchanges were closed on Easter Monday.

The market began to sink sharply after the Institute of Supply Management reported a lower-than-expected Manufacturing Purchasing Managers' Index for the United States. The March PMI registered 51.3 percent, a decrease of 2.9 percentage points from February's reading, indicating expansion in manufacturing sector slowing.

Separately, U.S. construction spending in February increased 1. 2 percent from the prior month, beating market expectation, according to the Commerce Department Monday.

In corporate news, Intel shares dipped after JMP Securities downgraded the stock to a neutral rating.

In midday trading, the blue-chip Dow Jones Industrial Average index fell 27.42 points, or 0.19 percent, to 14,551.12. The broader S&P 500 shed 7.96 points, or 0.51 percent, to 1,561.23. The tech-heavy Nasdaq Composite Index lost 23.03 points, or 0.70 percent, to 3,244.49. Enditem

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