Stocks Pull Back on Manufacturing Data

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.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus