US stocks fell on weak manufacturing data

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Source: Dukascopy Bank SA
US stocks retreated on Tuesday amid weak US data releases. US construction spending dropped by 0.9% in July on a monthly basis while US manufacturing contracted for the third consecutive month in August. However, hopes that the Fed will provide monetary stimulus continued to lend support for the US equities. The S&P 500 Index lost 0.12% to close at 1,404.94. Six out of ten sectors within the index climbed. The biggest gainers were telecommunication and utility companies. CenturyLink and Union Pacific rose 1.11% and 0.68% while NRG Energy and Consolidated Edison gained 0.89% and 0.43%. Apple also moved higher by 1.49% after inviting reporters to the event next week at which the company is likely to present its iPhone 5. Sending the US stock index lower, basic materials and oil and gas companies fell. Airgas and Ball Corp slid 0.99% and 0.92% while Alpha Natural Resources and Baker Hughes slumped 6.90% and 2.06% amid weak oil prices.

 

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