Stocks Fall on Weak Manufacturing Data
Wall Street fell Monday after data showed U.S. manufacturing was more sluggish than expected, a further sign that the economy continues to grow at a slower pace.
Stocks briefly had opened higher but fell sharply lower after the Institute for Supply Management said its manufacturing index slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 52.0.
However, keeping stocks afloat was a number of big acquisitions were announced before the market opened. Among them was private equity firm Kohlberg Kravis Roberts & Co.'s deal to take credit card transaction processor First Data Corp. private for about $29 billion.
Wall Street has traded nervously the past few weeks on concerns about rising inflation and the dollar's weakness. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005. In mid morning trading, the Dow fell 2.20, or 0.02 percent, to 12,352.15.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 3.79, or 0.27 percent, at 1,417.07, and the Nasdaq composite index fell 3.32, or 0.14 percent, to 2,418.32.
Published by Joe Bel Bruno, AP Business Writer
Stocks briefly had opened higher but fell sharply lower after the Institute for Supply Management said its manufacturing index slipped more than economists projected in March. The index moved to a reading of 50.9 last month, compared to an expected reading of 52.0.
However, keeping stocks afloat was a number of big acquisitions were announced before the market opened. Among them was private equity firm Kohlberg Kravis Roberts & Co.'s deal to take credit card transaction processor First Data Corp. private for about $29 billion.
Wall Street has traded nervously the past few weeks on concerns about rising inflation and the dollar's weakness. On Friday, the major indexes finished the first quarter lower -- with the Dow Jones industrials down 108 points in their feeblest performance since the second quarter of 2005. In mid morning trading, the Dow fell 2.20, or 0.02 percent, to 12,352.15.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 3.79, or 0.27 percent, at 1,417.07, and the Nasdaq composite index fell 3.32, or 0.14 percent, to 2,418.32.
Published by Joe Bel Bruno, AP Business Writer
posted by Stock Administrator @ 10:27 AM
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