Stocks turn lower, breaking a 4-day advance, despite better indicator on factory orders
By Sara Lepro, Gaea News NetworkWednesday, June 3, 2009
Better data on factory orders fails to lift stocks
NEW YORK — Investors are sending stocks lower, finding little comfort in data showing an ease of the economy’s slide.
The slide early Wednesday broke a four-day advance in the market, and many analysts said a pullback was due after the strong rise since last week.
Traders took little solace from a report showing that factory orders rose 0.7 percent in April, the second gain in the past three months. Also a trade group’s measure of the services sector contracted, but the pace of the decline moderated.
In morning trading, the Dow Jones industrial average is down 88 to 8,652. The Standard & Poor’s 500 index is down 12 to 932, and the Nasdaq composite index is down 16 to 1,820.
Filed under: Business, Economy, Finance, Financial Markets, Stock Markets
Tags: Down, Labor Economy, Manufacturing Sector Performance, New York, North America, United States, Us-wall-street
Tags: Down, Labor Economy, Manufacturing Sector Performance, New York, North America, United States, Us-wall-street
YOUR VIEW POINT
