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US stocks dip on data, Dow falls 0.29%, S&P drops 0.68%

US stocks dip on data, Dow falls 0.29%, S&P drops 0.68%

NEW YORK: US stocks fell on Thursday after data discovered manufacturing grew less than expected in November, while concerns that holiday sales may come in flatter than once hoped pressed share value down as well.
At the close of U.S. trading, the Dow 30 fell 0.29%, the S&P 500 index fell 0.68%, while the Nasdaq Composite index fell 1.34%. The S&P 500 VIX index, which measures the outlook for market volatility, was up 7.20% at 14.29. U.K.-based Markit Economics reported earlier that U.S. manufacturing activity in November expanded at its slowest pace since January, as new export orders fell. The Markit U.S. manufacturing purchasing managers’ index ticked down to 54.8 in November from 55.9 in October. Economists had forecast a decline to 55.0. Meanwhile in the U.S., the Institute of Supply Management reported earlier that its manufacturing PMI dipped to 58.7 from 59.0 in October, though still better than expectations of 57.9, stocks fell anyway as investors sold and jumped to the sidelines to await fresh signs U.S. recovery continues to gain steam. Elsewhere, concerns that Black Friday sales came in soft ruffled feathers on Wall Street as well. Black Friday, which follows the U.S. Thanksgiving holiday, typically sees heavy shopping demand at retail outlets, though uncertainty whether disappointments here and there may reflect more online shopping taking place elsewhere kept investors at bay on Monday. Leading Dow Jones Industrial Average performers included Chevron Corporation (NYSE:CVX), up 2.63%, Exxon Mobil Corporation (NYSE:XOM), up 2.30%, and Microsoft Corporation (NASDAQ:MSFT), up 1.78%. The Dow Jones Industrial Average’s worst performers included General Electric Company (NYSE:GE), down 1.74%, Nike Inc (NYSE:NKE), down 1.61%, and Caterpillar Inc (NYSE:CAT), down 1.59%. European indices, meanwhile, ended the day lower. After the close of European trade, the Euro Stoxx 50 fell 0.55%, France’s CAC 40 fell 0.29%, while Germany’s DAX 30 fell 0.17%. Meanwhile, in the U.K. the FTSE 100 fell 0.99%.