U.S. Stocks Drop as Purchasing Managers Index Trails Estimates
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By Michael P. Regan
Sept. 30 (Bloomberg) -- U.S. stocks retreated after a measure of business activity unexpectedly shrank in September, overshadowing an earlier report that showed the recession abated more than estimated in the second quarter.
The Standard & Poor’s 500 Index lost 0.7 percent to 9,678.27 at 9:47 a.m. in New York after the Institute for Supply Management’s gauge of business activity slipped to 46.1 in September, lower than the reading of 52 estimated by economists in a Bloomberg survey.
Last Updated: September 30, 2009 09:49 EDT
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQFYBQWvGisU
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