Dow Snaps Four-Day Winning Streak
Before Monday's opening bell, the New York Federal Reserve said the Empire State manufacturing index dropped to -10.4 in September, compared with the read of -5.9 in August and consensus of -3, showing a quickening of contraction in the state's manufacturing sector.
The index for number of employees declined noticeably but remained a touch above zero at 4.3, suggesting a slower pace of hiring activity than in recent months.
Also weighing on sentiment Monday was Citigroup joining other banks in slashing its full-year growth forecast for China.
The Hong Kong Hang Seng index settled up 0.14%. The Tokyo Stock Exchange was closed for a public holiday.The benchmark 10-year Treasury was caught a bounce, rising 10/32 to dilute the yield to 1.837%. The greenback was rose 0.17%, according to the dollar index. October crude oil futures settled down $2.38 to $96.62 a barrel and December gold futures were down $2.10 to settle at $1770.60 an ounce. In corporate news, activist investment fund Starboard Value LP disclosed Monday it has taken a 13.3% stake in Office Depot (ODP). The stake makes Starboard the largest shareholder in Office Depot. Shares of Office Depot popped 5.3%. Early Monday, Apple said pre-orders for the iPhone 5 topped 2 million in the first 24 hours. The stock gained 1.2% in the session, then crested above $700 in Monday's after-hours session. Shares of General Motors (GM) lost 1.4% following a report that the Treasury Department is resisting the company's push to sell the government's entire stake in the automaker, The Wall Street Journal reported.
2012 Stock Predictions and Outlook
|Your one-stop shop for 2012 stock recommendations and market predictions.
>To contact the writer of this article, click here: Andrea Tse.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts