Stocks weaken after manufacturing index drops

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NEW YORK – Wall Street is starting November on a cautious note, as stocks pull back following a weak reading on the manufacturing sector.

Stocks pared early gains after the Institute for Supply Management, a trade group, reported that its index of manufacturing activity fell to 38.9 in October from 43.5 in September.

A separate report is showing construction spending has fallen by a smaller-than-expected amount in September as a rebound in nonresidential activity helped offset further weakness in home building.

The Dow Jones industrial average is down 9 at the 9,317 level after being up more than 50 ahead of the data. Broader indexes are mixed.