Stocks trim losses on pickup in manufacturing
Sunday, October 2, 2011
NEW YORK (AP) -- A pickup in U.S. manufacturing wasn't enough to push stocks higher in midday trading.
U.S. stocks opened lower Monday, following European markets, after Greece said it will miss deficit reduction targets it agreed to as part of its bailout deal. Benchmark indexes in Germany, France and Spain fell more than 2 percent.
U.S. indexes made up some of their losses after the Institute of Supply Management said its gauge of manufacturing increased in September after two months of declines. Exports, production and hiring all picked up during the month.
The Dow Jones industrial average was down 20 points, or 0.2 percent, to 10,893 at 11:45 a.m. EST. The S&P 500 lost 5, or 0.4 percent, to 1,127. The Nasdaq composite fell 13, or 0.5 percent, to 2,403.