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Home / Business / Dow ends 344 points lower as ISM production reaches the worst level since the financial crisis

Dow ends 344 points lower as ISM production reaches the worst level since the financial crisis



U.S. stocks closed sharply lower Tuesday, and turned negative tomorrow after close monitoring of US production at their worst levels since 2009. The Institute for Supply Management Index fell to 47.8 in September from 49.1. Dow Jones industrial average

DJIA, -1.28%

completed 343 points, or 1.3%, to 26,573. The S&P 500 Index

SPX, -1.23%

fell 1

.2% at 2,940, while Nasdaq Composite Index

COMP, -1.13%

fell 1.1% to 7,908. The decline in manufacturing reflects an end to the US and global economies aggravated by a trade war with China. Economists surveyed by MarketWatch had predicted the index to a total of 50.2. Any reading below 50 indicates deteriorating conditions. "The disappointing data only arouses lingering fears of slowing global growth. And with US-China trading expected to give little in the way of short-term breakthroughs, investors continue to favor countercyclical, high-yield defensive stocks that weak data pressures interest rates are ever lower, "wrote Alec Young, CEO of Global Market Research, FTSE Russell.


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