MARKETS: A surprise contraction in U.S. manufacturing last month knocked the stock market lower Tuesday, erasing an early rally.
A surprise contraction in U.S. manufacturing last month knocked the stock market lower Tuesday, erasing an early rally.
Charles Schwab plunged after eliminating commissions for online trading, escalating a price war with other online brokerages. Rivals TD Ameritrade and ETrade Financial nosedived in heavy trading. Investors still have a busy week ahead. The Institute for Supply Management will release its service sector index on Thursday. That report will likely be closely watched, considering that services make up the bulk of the U.S. economy.KEEPING SCORE: The S&P 500 index fell 1.2% as of 1:37 p.m. Eastern time. The Dow Jones Industrial Average fell 332 points, or 1.2%, to 26,571. The Nasdaq fell 1.1%. Small-company stocks fell more than the rest of the market. The Russell 2000 index lost 1.7%.
CHUCKING COMMISSIONS: Charles Schwab plunged 9.8% after the brokerage and financial adviser said it is eliminating trading commissions on stocks, exchanged-trade funds and options. Rival discount brokers fell even more as investors anticipated another escalation in the fight to lower trading costs for investors. TD Ameritrade sank 21% and ETrade Financial dropped 16.8%. All three were moving in very heavy trading.
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