<I>TSC 21:</I> Index Loses 1.1% - TheStreet

TheStreet.com 21, our new index designed to track the progress of the economy's elusive turnaround, followed the markets lower Monday as investors continued to fret about corporate earnings.

The index fell 9.7 points, or 1.1%, to 990.4, leaving it almost 10 points below its starting value of 1000 on July 3. Sixteen of the 21 components fell. The dip compares with a 1% drop Monday in the

Dow Jones Industrial Average

and a 1.6% decline in the

Nasdaq Composite

.

Among individual components,

Manpower

(MAN) - Get Report

led the dogs, declining $1.63, or 4.5%, to $34.92. The company continues to feel pressure after giving a bleak second-half outlook in its quarterly earnings announcement on Thursday. The temporary-staffing firm, standing at the crossroads of the unemployment saga, beat Wall Street estimates thanks to its overseas operations, but it reported continuing weakness in the U.S. labor market and said signs of recovery have yet to materialize.

Best Buy

(BBY) - Get Report

fell $1.30, or 2.93%, to $43.12, while

Solectron

( SLR), a tech-outsourcing company that is leveraged to tech recovery, was down 12 cents, or 2.38%, to $4.93.

Maytag

( MYG),

General Electric

(GE) - Get Report

, and

E*Trade

(ET) - Get Report

also posted better-than-2% declines, while the other 10 losers in the index had losses consistent with the broader market.

Ingersoll-Rand

(IR) - Get Report

starred for a while in a small cast of winners, rising to a new 52-week high of $55.30 before selling back down to $54.30 at the closing bell. The maker of Thermo King refrigeration equipment, Schlage locks and Bobcat construction machines gained 2.96% in the end.

Yahoo!

(YHOO)

, ambassador to the index from the Internet's Big Three, was the day's biggest gainer, gaining 3.85% on an upgrade from Citigroup Smith Barney to close at $31.05. Tech stocks generally took a beating on the day, but a Smith Barney analyst wrote Monday that Yahoo!'s acquisition of

Overture

( OVER) was a strategic move that rendered its earnings estimates for the second half "conservative."

Smurfit-Stone

( SSCC) fought its way to a gain of 1.51%, or 21 cents, to $14.08.

Expeditors

(EXPD) - Get Report

and

Cisco Systems

(CSCO) - Get Report

also managed to avoid the downdraft, posting modest gains.

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