Tough day for US investors
The S&P 500 registered its worst drop since June on Monday, as manufacturing in the world’s largest economy slowed more than estimated in January and new order growth plunged by the most in 33 years!
The Dow Jones industrial average fell 326 points to 15,373, the S&P 500 lost 41 points to 1,742.
The ISM’s factory index fell to 51.3 from 56.5 in January souring investor sentiment sharply and although the sell off was broad-based, Telecoms and Consumer Discretionary were worst hit. Stocks have been pressured as the Federal Reserve confirmed its commitment to withdrawing stimulus and by concern about growth in China.