Dow takes sharp turn lower after worst ISM manufacturing report since 2009
U.S. stocks relinquished firm gains to turn negative Tuesday morning after a closely watched reading on manufacturing in the U.S. came in at its worst level since 2009. The Institute for Supply Management's manufacturing index dropped to 47.8 in September from 49.1. The Dow Jones Industrial Average DJIA, -0.36% fell 153 points, or 0.
6%, to reach 26,759, the S&P 500 index SPX, -0.19% declined 0.4% at 2,964, while the Nasdaq Composite Index COMP, +0.07% fell 0.1% to 7,991. The slowdown in manufacturing reflects a retrenchment in the U.S. and global economies made worse by a trade war with China. Economists surveyed by MarketWatch had forecast the index to total 50.2%. Any reading below 50 indicates deteriorating conditions.
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