March 17th, 2009 by InvestorPoint
A weak manufacturing report swayed U.S. stocks, which veered away from extending a four-day rally just before the close Monday.
U.S. industrial production dropped 1.4 percent in February, falling for the fourth consecutive month and the 10th month out of the last 12, the U.S. Federal Reserve said.
On the break-even side of the coin, the National Association of Home Builders said its headline index remained low in March, but did not drop or gain over February.
The Dow Jones industrial average closed down 0.1 percent, losing 7.01 points to 7,216.97. The Standard & Poor’s 500 dropped 0.35 percent, 2.66 points, to 753.89. The Nasdaq composite index lost 27.48 points, 1.92 percent, to 1,404.02.
Advancers and decliners were mixed on the New York Stock Exchange as 1,769 stocks advanced and 1,303 declined on a volume of 7 billion shares traded.
The benchmark 10-year U.S. Treasury bond fell 17/32 to yield 2.958 percent.
The dollar was mixed Monday. The euro rose to $1.297, compared to Friday’s $1.2915. Against the Japanese yen, the dollar rose to 98.20 yen, compared to Friday’s 98.03 yen.
In Tokyo, the Nikkei average rose 1.78 percent, 134.87 points to 7,704.15.
In London, the FTSE 100 index rose 110.31 points, up 2.94 percent, to 3,963.99.
President Obama attacked insurance giant American International Group for intending to payout millions in substantial bonuses to executives even though the company has received billions of bailout money from the US Government. He said that he intends to stop it from paying these bonuses as the company is in this mess due to “recklessness and greed”.