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Late stock upturn falls short
U.S. stocks slid on Wall Street Tuesday, but made some headway against negative manufacturing data before the closing bell.
Stock indexes were mixed in Asia and Europe, as investor concern over sovereign debt issues in Europe weighed on sentiment.
The focus switched back to the sluggish recovery Tuesday with a Markit report that said a flash estimate of July”s Purchasing Managers Index for the United States fell to 51.8, down from 52.5 in June. The survey showed factory employment increased in the month, but the production and new orders indexes both dropped to their lowest levels in 12 months.
Housing data were encouraging, as the Federal Housing Finance Agency said home prices in a select survey rose 0.8 percent April to May. Private online real estate marketplace Zillow said in a release that home prices rose on a 12-month basis in the second quarter for the first time in close to five years.
Markets regained some ground late in the day, but stayed in the red.
On Wall Street, the Dow Jones industrial average closed with a loss of 104.14 points, 0.82 percent, to 12,617.32. The Standard & Poor”s 500 index lost 12.21 points or 0.9 percent to 1,338.31. Tech-heavy Nasdaq composite index gave up 27.16 points or 0.94 percent to 2,862.99.
On the New York Stock Exchange, 787 stocks advanced and 2,249 declined on a volume of 3.7 billion shares traded.
The benchmark 10-year treasury note gained 13/32 to yield 1.392 percent.
The euro fell to $1.2066 from Monday”s $1.2117. Against the yen, the dollar fell to 78.18 yen from 78.39 yen.
In Tokyo, the Nikkei 225 index lost 0.24 percent, 20.23, to 8,488.09.
In London, the FTSE 100 index lost 0.63 percent, 34.64, to 5,499.23.
Copyright 2012 by United Press International