Stocks Bearish on Factory Data
Dow drops nearly 143 points on weak manufacturing news
By Nick McMaster,  Newser Staff
Posted Feb 21, 2008 3:45 PM CST
Energy and Industrial shares led the markets on a decline that saw all the major indexes fall more than 1% on Thursday, February 21st, 2008.   (Getty Images)
camera-icon View 1 more image

(Newser) – Energy and industrial shares led the markets on a decline that saw all the major indexes fall more than 1%, MarketWatch reports. A drop in oil prices hurt energy stocks, and the Philadelphia Federal Reserve said regional manufacturing had contracted. The Dow fell 142.96 points to 12,284.30, the Nasdaq 27.32 to 2,299.78, and the S&P 500 17.53 to 1,342.53.

The day started strong, before the Philly Fed’s manufacturing index dropped to -24, piggybacking last week’s NY Fed’s rating of -11.7. The news "just strengthened the notion of sluggish growth ahead, and indicators were soft once again—that's what took the starch out of the early rise," said one economist.