Stocks also fell on disappointing economic news. In its report on the manufacturing sector in September, the Institute for Supply Management revealed a troubling drop in new orders. The group's overall index of manufacturing activity fell to 43.5 in September from 49.9 in August. Wall Street had expected a reading of 49.5, according to economists polled by Thomson/IFR.Down crashes almost 800, up almost 500, now down 200. Hell of a week."We're now seeing in those numbers that we're getting a contraction in economic activity," said Jim Dunigan, managing executive of investments at PNC Wealth Management.
At this point in the credit crisis, weak economic numbers are coming as no surprise to Wall Street -- but September's numbers are expected to be particularly bleak because of the seizing up of the credit markets that occurred during the month. Each number is a further reminder of how much pain is being felt in the economy, and the data is likely to motivate more investors to pull more money out of stocks.
Interestingly, bank stocks are up.
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