The Philly Fed's Business Activity Index fell from -20.9 in January to -24.0 in February, the lowest level since February 2001 and far worse than the expected rise to -10.0. A reading below zero indicates output is shrinking.
The Conference Board's January index of leading economic indicators posted its fourth straight drop as it fell 0.1 percent in January.
Details from Bloomberg...
The Dow Jones Industrial Average lost 142.96(1.15%), to 12,284.30. The S&P 500 Index fell 17.50(1.29%) to 1,342.53, while the Nasdaq Composite Index fell 27.32(1.17%) to 2,299.78. Crude oil dropped $1.47 to close at $98.23 per barrel, and gold closed at $949.20 an ounce.
Magnificent Seven Update
