Markets Mixed as U.S. Manufacturing Contracts in Nov., Greece Offers Debt Buyback

December 3, 2012 10:59 AM EST Send to a Friend
U.S. markets are higher on the session Monday amid new manufacturing data showing a slowdown in growth, which is being offset by strong data out of China and Greece buying back a little debt.

The Institute for Supply Management’s (ISM) factory index fell to 49.5 last month, from 51.7 in October and the consensus calling for a dip to 50.0. The number was the lowest reading since July 2009, data show.

Reading above 50 indicate growth in a segment, while numbers below indicate contraction.

The ISM's new orders reading fell from 54.2 down to 50.3 in November, Export orders fell by 1 point to 47 and production rose from 52.4 to 53.7 last month.

In China, HSBC’s Purchasing Managers' Index jumped to 50.5 from 49.5 in October.

Greece used some of its bailout money to repurchase €10 billion (about $13 billion) of bonds. The debt-riddled nation is aiming to ease some of that burden moving forward, positioning itself better in the instance it needs to tap international markets again in the future.

The S&P and Nasdaq are positive today, while Dow Jones Industrial Average is lower.


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