Pepco Holdings Incorporated

Encouraging news on the U.S. economy wasn't enough to give the stock market its fourth straight day of gains.

Manufacturing grew faster in April than in March as exports picked up and factories accelerated hiring. U.S. shoppers ramped up their spending in March at the fastest pace in 4 1/2  years and construction spending also ticked higher. The reports, coming a day after the Commerce Department said U.S. growth stalled in the January-March quarter, suggest that the economy is gaining momentum after the unusually harsh winter winter.

The market remains close to its all-time highs, but for now investors, uncertain about which way the economy is headed, appear...