Monday, August 01, 2011

ISM Craters

More "unexpected" bad news from Obamaville.
Stocks fell into negative territory, erasing an early rally Monday after ISM manufacturing index hit its lowest level since July 2009 and amid renewed worries over some euro zone countries.

Stocks opened sharply higher after top U.S. lawmakers sealed a deal to raise the debt ceiling one day ahead of a deadline for a potential default.

The pace of growth in the U.S. manufacturing sector slowed more than expected in July, according to the Institute for Supply Management. The ISM index slipped to 50.9from 55.3 the month before, shy of expectations of 54.9, according to a Reuters poll of economists.

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