Stocks pare losses after manufacturing report

February 2, 2009 7:48:36 AM PST
A better-than-expected reading on the manufacturing sector is easing some of Wall Street's' concerns about the economy. The Institute for Supply Management says its manufacturing index rose to 35.6 in January from 32.4 in December. Economists were expecting a reading of 32.6.

Any reading below 50 indicates contraction. The index has fallen steadily since August as the economy deteriorated, hitting a 28-year low in December.

Following the manufacturing report, the Dow Jones industrials are down 40 points at 7,961. The Dow fell as much as 121 earlier in the session after the Commerce Department said personal spending fell for the sixth straight month in December.

On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

Morey money-related links:

CLICK HERE to follow Action News on Twitter

CLICK HERE to get Action News on your website

CLICK HERE to find Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments