Stocks Opened Lower; Markit Flash PMI Flat

U.S. stocks opened lower on Monday as US Market flash PMI was flat at 57.9 in September. The Dow Jones Industrial Average lately fell 20.03 points, or 0.12%, to 17,152.65. The S&P 500 was down 1.79 point, or 0.09%, to 1,992.50. The Nasdaq Composite was off 0.61 point, or 0.01%, to 4,527.08.

The “flash” reading of U.S. manufacturing conditions was unchanged in September at 57.9, keeping the indext at a 52-month high, the privately run firm Markit said Tuesday. Readings over 50 indicate growth.

The U.S. Treasury Department on Monday launched a long-expected administrative effort to limit the economic benefits that come when U.S. companies merge with foreign rivals in countries with lower tax rates and reincorporate there.

Norwegian chemical company Yara International ASA said Tuesday that it is discussing a merger with U.S.
fertilizer producer CF Industries, potentially boosting the company’s U.S. footprint.

Survey data showed Tuesday that eurozone manufacturing slowed in September.The latest set of flash PMIs from Markit showed the eurozone composite index falling to 52.3 in September from 52.5 in August.

Brent rose from a one-week low after a Chinese manufacturing gauge beat forecasts, signaling increased demand from the world’s second-biggest oil consumer. Brent for November settlement gained as much as 62 cents to $97.59 a barrel on the ICE Futures Europe exchange and was at $97.47 at 12:51 p.m. London time.

About the Author

has written 14548 stories on this site.

Copyright © 2012 Nine Stocks