The Dow Jones Industrial Average closed slightly higher Tuesday in a mixed U.S. stock market, as optimism about economic recovery was undermined by doubts about inflation after a reading on U.S. manufacturing activity underlined labor shortages and supply bottlenecks.

Last month, the Dow booked a rise of 1.9%, marking its fourth monthly gain in a row; the S&P 500 rose 0.6%, also marking its fourth straight monthly advance; while the Nasdaq Composite Index saw a 1.5% monthly fall.

What’s driving the market?

The Dow Jones Industrial Average joined a global equity rally on Tuesday that pushed markets in Asia to their highest levels in a month and the Stoxx Europe 600 index to a record close.

But an early jump in U.S. stocks, which saw the S&P 500 index trade near an all-time high, lost steam as survey-based data on manufacturing activity showed that shortages of supplies and labor meant firms are struggling to fill a surge in new…

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