Stocks Fall on Gloomy Manufacturing Data
Originally published on Fox Business
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A report showing the U.S. manufacturing sector contracted for the first time since 2009 spooked Wall Street on Monday, sending stocks falling solidly into the red.
As of 1:00 p.m. ET, the Dow Jones Industrial Average fell 41.6 points, or 0.32%, to 12839, the S&P 500 dipped 1.3 points, or 0.09%, to 1361 and the Nasdaq Composite rose 4.3 points, or 0.15%, to 2939.
The Institute for Supply Management's manufacturing gauge fell to 49.7 in June from 53.5 in May, coming up short of the 52 expected. Readings below the 50 mark point to contraction while those above indicate expansion. It was the first reading below 50 since July 2009, according to ISM. The manufacturing sector had recently been a bright spot for the U.S. economy, but it has come under stress recently.
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