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Stocks Off Sharply on Weak Supply Management Report
The bulls are being battered after the ISM Non-Manufacturing Index dropped to the lowest level in over six years, which rekindled already lingering economic concerns. The Institute for Supply Management's January report on the service sector, which accounts for about two-thirds of the economy, came in well short of Wall Street's forecast. The index dropped to 44.6 last month from a revised reading of 54.4 in December. A reading below 50 indicates contraction; it was the first service-sector contraction in more than four and a half years. Economists had been expecting another month of growth. Earnings continue to pour in and Yum Brands, Tyco International, Whirlpool, and
In early afternoon trading, the Dow fell 256.14, or 2.03 percent, to 12,379.02. The Standard & Poor's 500 index fell 28.43, or 2.06 percent, to 1,352.39, while the Nasdaq composite index fell 41.55, or 1.74 percent, to 2,341.30.
Bond prices jumped as investors sought the safety of government-backed debt. The yield on the benchmark 10-year Treasury note sank to 3.56 percent from 3.64 percent late Monday.
Light, sweet crude oil declined $1.46 to $88.56 a barrel on the New York Mercantile Exchange, as traders bet that a slower economy would dampen energy demand.
The dollar rose against other major currencies, while gold prices fell.
HeadsUp Entertainment Inc. a wholly owned subsidiary of HeadsUp Entertainment International Inc. today announced that a number of celebrity and pro poker players are confirmed to attend and play in the 2008 Canadian Open Poker Championships March 5-9, 2008 at The Deerfoot Inn and Casino in
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