Grim Manufacturing Data and Dropping Auto Sales Sink Stocks
Manufacturing and auto sales deliver punches to knock out stocks today.
The U.S. manufacturing data declined the most in 33 years and that weak number combined with auto sales to drive down stocks. Ford and General Motors sales both dropped, blaming the poor weather for the lack of customers. Jon Corpina of Meridian Equity Partners expects that the market will continue to move in a choppy fashion, but he doesn't think this is the correction that many traders hoped for. He hasn't seen any capitulation or nervousness. To him the selling has been orderly.
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