- Guy Berger, a U.S. economist at RBS Securities Inc.
Manufacturing activity in the State of New York fell more than expected in September, Federal Reserve Bank of New York announced on Monday. Region's general economic index fell to a seasonally adjusted -10.4, down from -5.8 in August. Analysts had predicted Empire State manufacturing activity to drop 2.0 points last month.
"The momentum has turned negative in manufacturing," said Guy Berger, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut. "There's no imminent pickup in the near term."
"The thing that's really hanging over us right now is there is a large tax increase pending here at year-end, and there are large spending cuts, government spending cuts, looming at year-end," Michael DeWalt, director of investor relations at Peoria.
The Standard & Poor's 500 gained 1.63 per cent to 1,459.99. The Dow Jones Industrial Average rose 1.55 per cent to 13,539.86. The Nasdaq Composite advanced 1.33 per cent to 3,155.83.
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