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Stocks slide as data suggest contraction
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| Contributor | Ashley |
| Last Edited | Ashley Feb 05, 2008 10:11am |
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| Category | News |
| News Date | Tuesday, February 5, 2008 03:55:00 PM UTC0:0 |
| Description | NEW YORK (MarketWatch) -- U.S. stocks opened sharply lower early Tuesday, after the release of a key gauge of the service sector signaled contraction in January, while Yahoo Inc. was again in the spotlight as a broker said investors shouldn't buy the stock any longer.
The Institute for Supply Management said its non-manufacturing index fell to 41.9% in January from 54.4% in December, well below the 53.0% expected by economists. Readings below 50% indicate most firms are contracting.
"The ISM index fell off a cliff," said Peter Cardillo, chief market economist at Avalon Partners. "It's one more piece of bad news on the economy, adding to the credit woes, the downgrades, and the political arena heating up."
The Dow Jones Industrial Average ($INDU 12,376.82, -258.34, -2.0%) fell 258 points to 12,377, with 28 of its 30 component stocks in negative territory. |
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