Tuesday, February 3, 2009

Wall Street ends mixed; Dow down 64 points on possibly delay of bad bank plan while Asia trading firm; Hang Seng, Nikkei up

US markets end mixed on weak economic data. Banks took a hit on worries from the bad bank plan was faltering while tech rallied on speculation that they will benefit from government spending.

In economic data, the Institute for Supply Management reported contraction in manufacturing activity for the 12th straight month. However the reading of 35.6 came in better than expected. Construction spending fell 1.4% in December while consumer spending fell 1%.

The Dow Jones slipped 64.03 points, or 0.80%, to 7,936.83. The S&P 500 index slipped 0.44 points, or 0.05%, to 825.44. The Nasdaq composite index gained 18.01 points, or 1.22%, to 1,494.43.


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