A couple of poor economic reports has sent markets down today with the Dow flirting around the 13,000 level. Manufacturing fell to 49.6 in August, the biggest decline in more than three years according to the Institute for Supply Management (ISM). Construction spending also dipped, falling nearly 1% in July. Economists were expecting a rise in 0.4% rise in spending.
Today’s sell off should come as no surprise with September being a poor month for stocks historically.
The Dow is currently down 75 points, the Nasdaq is down 9 points and the S&P 500 is down 5 points. [Read more...]
