(Jed Graham – Investor’s Business Daily)
The Institute for Supply Management’s manufacturing survey index out Monday fell to 54.8 in April, a further deceleration after the gauge of factory activity hit a two-and-a-half year peak of 57.7 in February.
Wall Street economists expected the ISM gauge to dip to 56.0 from 56.5 in March. Readings above 50 signal expansion, while those south of 50 suggest contraction.
The Dow Jones industrial average, S&P 500 index and Nasdaq composite opened higher on the stock market today, but the Dow weakened before the ISM report, and all of the major averages lost ground after the softer-than-expected data. Treasury yields were little changed. Click here to read more.