ISM Manufacturing

Stocks were pummeled today on a trio of negative data, which included reports showing depressed manufacturing levels in the U.S. and China and a report that confirmed that the U.S is officially in a recession. The Dow fell 680 points or 7.7%, the Nasdaq sank 138 points or 9%, and the S&P 500 fell 80 points or 9 ...

Middle Ground

As we ease our way into the final chapter of 2008, we find that the best five-day move in the Dow since 1933 has bumped the venerable index out of the danger zone on the charts and smack dab in the middle of the current trading range. The reasons for the blast have been discussed ad nausea (Geithner being named, the introduction of the TALF, and the massive new economic stimulus package being developed by Obama’s team) and have left investors feeling a little better about the outlook for the future.

However, this does not mean that stocks are likely to simply bound higher from here as the middle ground on a chart basis often leads to a period of backing and filling as well as a retesting of the lows. But, on the other hand, we can’t dismiss the fact that there could be some performance anxiety-based ...

ISM Manufacturing Index Comes in ...

Looking Ahead

Wall Streeters joined Main Streeters yesterday and spent the vast majority of their Election Day looking ahead. While the general public looked ahead to who is going to lead the country out of war and the economic crisis, the stock market was looking ahead to better days and traders may have even been daydreaming about the next great bull run.

Please don’t misinterpret that comment. We are not suggesting that the 1450 point rally in the Dow over the past six trading days means that a new bull market has or is about to begin. However, with the commercial paper and interbank lending markets improving on a daily basis (remember, LIBOR has now fallen for 18 straight sessions) it is easy to look forward to better times.

As we have been saying lately, the drastic steps taken by Governments and Central Bankers around the globe coupled with the ...

TEMPE, Ariz.--(BUSINESS WIRE)-- Economic activity in the non-manufacturing sector contracted in October, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business(R). The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management(TM) Non-Manufacturing Business Survey Committee; and senior vice president -- supply management for Hilton Hotels Corporation. "The NMI (Non-Manufacturing Index) registered 44.4 percent in October, 5.8 percentage points lower than the 50.2 percent registered in September, indicating contraction in the non-manufacturing sector after two consecutive months of growth. The Non-Manufacturing Business Activity Index decreased 7.9 percentage points to 44.2 percent. The New Orders Index decreased 6.8 percentage points to 44 percent, and the Employment Index decreased 2.7 percentage points to 41.5 percent. The Prices Index decreased 16.6 percentage points to 53.4 percent in October, indicating a slower rate in price increases than in September. This is the lowest reading for the Prices Index since July 2003 ...