The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Monday. The index declined to 58.7 in November from 59.0 in October, beating expectations for a decline to 57.9.

The index was driven by strong demand and new orders. The new orders index rose to 66.0 in November.

The gauge of prices paid declined to 44.5 November from 53.5 in October. That was the lowest level since July 2012.