The Index of Leading Economic Indicators rose 0.3% in October, just shy of the 0.4% increase that economists expected, and September’s 1.0% advance was unrevised. The Conference Board said, “The data indicate that economic recovery is finally setting in. We can expect slow growth through the first half of 2010.”
The Philly Fed Manufacturing Index rose from 11.5 in October to 16.7 in November, above economists’ forecast, which called for the index to increase slightly to 12.2. Shipments increased from 3.3 in October to 15.7 in November and new orders increased from 6.2 to 14.8.
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The Dow Jones Industrial Average lost 94 points (0.9%) to close at 10,332, the S&P 500 Index fell 15 points (1.3%) to 1,095, and the Nasdaq Composite declined 36 points (1.7%) to 2,157. Crude oil was $2.12 lower at $77.46 per barrel, and the Bloomberg gold spot price sank $0.68 to $1,144.83 per ounce.
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