|09-16-2014, 03:18 PM||#1|
U.S. Stocks Edge Lower After Manufacturing Data
U.S. stocks were slightly lower early Monday, extending last week’s losses after a string of mixed data on U.S. manufacturing.
Economic data today showed output at factories, mines and utilities fell 0.1 percent after a 0.2 percent gain the prior month that was smaller than previously reported, figures from the Fed showed. The median forecast in a Bloomberg survey of 79 economists called for a 0.3 percent rise.
The Fed Bank of New York’s Empire Manufacturing gauge manufacturing index jumped to 27.54 this month from 14.69 last month. Economists estimated the reading would be 15.95, according to a Bloomberg survey.
Also, the Organization for Economic Cooperation and Development trimmed its growth forecasts for the biggest developed economies in the face of increasing geopolitical risks and subdued European inflation.
The U.S. will expand 2.1 percent instead of 2.6 percent, the OECD said in a report.
The S&P 500 fell 1.1 percent last week, ending the longest streak of gains this year, as data showing the fastest increase in retail sales in four months and the highest level of consumer confidence in 14 months spurred speculation that the economy is recovering enough to justify higher interest rates.
-The Dow Jones Industrial Average was unchanged at 16987.65
-The S&P 500 Index fell 0.14% or 2.70 points to 1982.82
-The NASDAQ Composite Index fell 0.81% or 36.99 points to 4531.36 . As of 10:37 a.m. ET
Microsoft Corp., maker of the Xbox video-game console, slipped 0.6 percent after agreeing to acquire Mojang AB, the software company behind the game Minecraft, for $2.5 billion.
Apple Inc. climbed 0.3 percent as the company said pre-orders for its iPhone 6 and iPhone 6 Plus topped 4 million in the first 24 hours, a record for first day ordering.
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