Stocks Tumble As Manufacturing Slows, Earnings Leave Investors Unimpressed

By Staff,

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The Dow Jones Industrials Average is trading near its lowest level in over a month following a negative reaction to bearish manufacturing data and mixed corporate earnings. Latest data from China indicated that the planet's second largest economy may be beginning to slow, while an index of U.S. purchasing managers showed a modest contraction in activity to a 53.7 reading in January, trailing the market consensus looking for a 55.0 reading this month. Although the housing data was strong, and leading indicators continue to increase, Wall Street found enough excuses to book profits on Thursday, taking a much more defensive posture into next week's Federal Open Markets Committee meeting.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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