Monday, Dec 01, 2008
Stocks tumbled to start the first day of trading in December as investors retreated after last week’s big rally amid concerns about the economy.
The Dow Jones industrial average (INDU) lost nearly 300 points, or more than 3%, in the early going. The Standard & Poor’s 500 (SPX) index lost 3.9% and the Nasdaq composite (COMP) lost 3.6%.
Wall Street advanced Friday in a shortened session, helped by signs of strong consumer spending on Black Friday. But experts don’t expect the post-Thanksgiving day sales momentum to hold up in the critical holiday period.
U.S. financial markets closed early Friday and were shut Thursday for the Thanksgiving holiday.
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Economy: At 10 a.m. ET, investors will take in a report on nationwide manufacturing activity in November. A reading on construction spending in October is also due out.
The Institute for Supply Management’s monthly survey of purchasing managers is expected to decline to a reading of 38 in November from 38.9 in October, according to a consensus forecast compiled by Briefing.com.
This article was posted: Monday, December 1, 2008 at 11:58 am