"People are coming back from a long weekend and trying to get their minds wrapped around the market again"
- Tom Wirth, senior investment officer for Chemung Canal Trust Co.
Activity in the U.S. manufacturing sector rose less than predicted in August, as exports declined for a third consecutive month and firms were slow to hire new employees. Nation's purchasing manufacturing index fell by 0.2 points to 49.6 in August from a reading of 49.8 in the preceding month.
"People are coming back from a long weekend and trying to get their minds wrapped around the market again," said Tom Wirth, senior investment officer for Chemung Canal Trust Co., in Elmira, New York.
"The latest economic numbers have shown a bit of a pick-up. Yet it's nothing to shout about. We continue in this slow growth area."
Stocks turned lower on Tuesday. The Standard & Poor's 500 retreated 0.12 per cent to 1,404.94. The Dow Jones Industrial Average turned lower 0.42 per cent to 13,035.94. The Nasdaq Composite gained 0.26 per cent to 3,075.06.
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