Wall Street Midday

By: Associated Press Email
By: Associated Press Email

NEW YORK (AP) - Stocks are mostly lower in midday trading following an unexpected contraction in U.S. manufacturing last month. Concerns about automatic tax increases in the New Year caused factory orders to decline.

The Dow Jones industrial average was down 21 points to 13,004 shortly before noon Monday.

The Standard and Poor's 500 was flat at 1,416. The Nasdaq composite rose 3 points to 3,013.

The Institute for Supply Management reported that U.S. manufacturing declined in November.

Businesses expressed concerns about the "fiscal cliff," a series of sharp government spending cuts and tax increases scheduled to start Jan. 1 unless an agreement is reached to cut the budget deficit.

Supervalu rose following a report that private equity firm Cerberus is considering options for buying parts of the struggling grocery store chain.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 181857891 - kolotv.com/a?a=181857891
Gray Television, Inc.