US stocks drop on weak manufacturing data
NEW YORK—US stocks retreated Monday, weakened by mediocre economic data and cautious sentiment after recent record highs.
At the closing bell, the Dow Jones Industrial Average dropped 6.22 points (0.04 percent) to 14,572.32.
The broad-based S&P 500 gave up 7.07 (0.45 percent) at 1,562.12, while the tech-rich Nasdaq Composite Index sank 28.35 (0.87 percent) to 3,239.17.
The Institute for Supply Management said its manufacturing sector activity index came in at 51.3 in March, below the 54.0 percent expected by analysts.
Michael James, managing director of equity trading at Wedbush Morgan Securities, said the market was also poised for a pause after the Dow and S&P 500 hit record highs last week.
“It’s a little bit of a pullback in an upward trend,” James said.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94