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Stocks Slipping Today Despite Upbeat Factory Data

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More good news from the manufacturing sector failed to generate much interest in equities Tuesday with stocks trading slightly lower within a very narrow intra-day range.

After hitting new records on Monday, the lack of any major market moving news coupled with concerns about valuations has encouraged a slightly more defensive mood along Wall Street. Most industry sectors in the S&P 500 were falling, including consumer stocks despite the bidding war between Tyson Foods ( TSN ) and Pilgrim's Pride ( PPC ) lifting Hillshire Brands ( HSH ) to another all-time high.

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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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