The ISM Non-Manufacturing Index showed a slower rate of contraction than in previous months, with the index registering 42.9, higher than the estimate of 39.0, and rising from December’s 40.1. Prices paid of 42.5 showed a decrease in prices for the third consecutive month, after 65 months of increases. New orders improved to 41.6 from 38.9 in December and employment fell to 34.4 from 34.5.
ADP reported that private sector jobs fell 522,000 in January, less than the estimate of a loss of 535,000 jobs, and December was revised lower from -693,000 to -659,000.
The Dow Jones Industrial Average fell 122 points (1.5%) to close at 7,957, the S&P 500 Index decreased 6 points (0.8%) to close at 832, and the Nasdaq Composite lost 1 point (0.1%) to 1,515. Crude oil fell $0.46 to $40.32 per barrel, and gold rose $6.31 to $906.66 per ounce.
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