NAPM Report:
biz.yahoo.com
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Friday October 1, 10:09 am Eastern Time
(Note: this article is ``in progress'; there will likely be an update soon.)
INSTANT VIEW/U.S. stocks fall after NAPM
NEW YORK, Oct 1 (Reuters) - Wall Street stocks fell after the September National Association of Purchasing Management (NAPM) index jumped to a reading of 57.8.
Economists had expected the index, a measure of business conditions in the manufacturing sector, to edge up to 54.3 from a reading of 54.2. A reading above 50 on the index indicates expansion in the sector.
Following are analysts' comments regarding the report:
BILL MEEHAN, CHIEF MARKET ANALYST AT CANTOR FITZGERALD:
``The topline number is a lot stronger than expected. Whoever ... was bidding up the S&P are getting slammed. We're heading south. The dollar's getting crushed.'
BRYAN PISKOROWSKI, ANALYST AT PRUDENTIAL SECURITIES
``Stronger than expected, I think it raises the chance for the Fed raising rates next Tuesday.'
GEORGE RODRIGUEZ, SENIOR VICE PRESIDENT, EQUITIES, GUZMAN & CO., JERSEY CITY, N.J.
"This is an extremely negative signal to the market right now.
``...This, on top of the numbers that came out this morning (August U.S. personal income and spending)... are causing concerns about inflationary pressure leading into next Tuesday,' when the Federal Reserve's rate-setting panel meets.
(Note: this article is ``in progress'; there will likely be an update soon.)
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-Eric |
