September 04, 2008
Stocks lower after service sector data
Joe Bel BrunoWall Street is showing little reaction to a report that the nation's service sector was slightly stronger than expected last month.
The Institute for Supply Management, a trade group of purchasing executives, says its service sector index rose to 50.6 from 49.5 in July. Analysts polled by Thomson/IFR expected a reading of 50.00. Any reading above 50 signals growth, while a reading below 50 indicates contraction.
The Dow Jones industrials, which opened sharply lower, are down 114 at the 11,419 level. The market was disappointed earlier by retailers' sluggish August sales report, and news that unemployment benefits claims spiked last week.
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The Associated Press