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Business

Wall Street closes lower on weak manufacturing data

New York, Dec 3

US stocks closed lower on the first trading day of December as investors digested the latest economic data.

The Dow Jones Industrial Average decreased 268.37 points, or 0.96 per cent, to 27,783.04 on Monday. The S&P 500 fell 27.11 points, or 0.86 per cent, to 3,113.87. The Nasdaq Composite Index fell 97.48 points, or 1.12 per cent, to 8,567.99, Xinhua reported.

Most of the 30 Dow components traded in red territory, with Boeing and American Express declining 3 per cent and 2.38 per cent, respectively, leading the laggards.

Nine of the 11 primary S&P 500 sectors traded on a downbeat note, with the real estate sector losing 1.75 per cent, the biggest loser.

US manufacturing activity continued to lag in November amid weak inventories and new orders data, according to the Institute for Supply Management's (ISM) latest manufacturing report, released on Monday.

According to the report, last month's purchasing managers' index registered 48.1 per cent, a decrease of 0.2 percentage point from the October reading, and lower than Wall Street expectations.

"Global trade remains the most significant cross-industry issue. Among the six big industry sectors, Food, Beverage & Tobacco Products remains the strongest, while Fabricated Metal Products is the weakest. Overall, sentiment this month is neutral regarding near-term growth," said Timothy Fiore, ISM's Manufacturing Business Survey Committee chief.