graphic
graphic  
graphic
Markets & Stocks
graphic
Mixed message
Stocks retreat from gains as ISM index shows no growth in manufacturing.
October 1, 2002: 10:27 AM EDT
By Parija Bhatnagar, CNN/Money Staff Writer

NEW YORK (CNN/Money) - U.S. stocks turned mixed early Tuesday after a key read on manufacturing activity came in below forecasts.

Around 10:25 a.m. ET, the Dow Jones industrial average (up 11.51 to 7603.44, Charts) erased almost all of its early gains, while the Nasdaq composite (down 10.20 to 1161.86, Charts) and Standard & Poor's 500 index (down 1.66 to 813.62, Charts) were negative.

The Institute of Supply Management's index of September manufacturing activity fell to 49.5 from 50.5 in August. Economists had been expecting a rise, but a weak regional report from Chicago on Monday may have braced investors for the disappointment. A number above the key level of 50 denotes continued expansion in manufacturing activity.

In company news, a bullish call on a tech bellwether could give a lift to a beaten-down technology sector.

Banc of America upgraded Dell Computer (DELL: up $0.32 to $23.83, Research, Estimates) shares to "buy," citing stronger conviction of sustainable growth, including the PC maker's recent entry into new market segments. The brokerage's note came a day ahead of Dell's two-day analysts meeting in Texas.

All of the major stock indicators wrapped up an abysmal September and third quarter Monday with solid losses. The Dow lost about 18 percent for the quarter and 12 percent for the month. The Nasdaq lost 11 percent for September and 20 percent for the quarter. The S&P suffered its worst third-quarter results since 1987, dropping about 18 percent for the quarter and 11 percent for the month.

European markets were higher at midday, while Asian-Pacific stocks were mixed Tuesday, with Tokyo's Nikkei index down 2.4 percent but South Korea and Australia ending higher.

Treasury prices slipped in early trading, sending the 10-year note yield up to 3.69 percent from 3.59 percent -- the lowest point since 1958 -- late Monday. The dollar gained against the yen, but was little changed versus the euro.

Brent oil futures gained 13 cents to $28.88 a barrel in London, where gold was little changed.  Top of page




  More on MARKETS
Bezos: The Grinch that stole Amazon's Xmas
Can Facebook live up to the hype?
Meet CNNMoney's Tech 30 stock index
  TODAY'S TOP STORIES
'I bought a house for $1,000'
Just how sick are Europe's top banks?
Greatest urban projects of all time




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.