Unexpected Manufacturing Data Causes Markets to Drop; Auto Sales Rebound

The major indices dropped on Monday after the release of several disappointing economic reports. Manufacturing activity unexpectedly hit a three year low for the month of November, negatively affecting global shares and signs of growth in China. Both the S&P 500 and Dow Jones ended in the red after three days of gains. The auto industry had a great day with companies such as Ford (F), Nissan (N) and Chrysler reporting the strongest monthly pace for sales growth in more than four years.
A council of regulators met today to discuss risk and possible Libor reforms triggered by the recent rate rigging claims. It was announced that UBS (UBS) will pay over $450 million due to the rigging charge against the company. Meetings continued in Congress to find a way around the impending "fiscal cliff" as the GOP outlined a proposal to increase the eligibility age for Medicare benefits, which would reduce the deficit without raising taxes on the wealthy. The euro climbed against the dollar, hitting a six week high and oil-futures gained for the third session in a row.

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Published on Dec 3, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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