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Weak Factory Report Sinks Stock Market

Dow ends day down 343
By Newser Editors and Wire Services
Posted Oct 1, 2019 3:04 PM CDT
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In this Sept. 18, 2019, file photo Stock trader Gregory Rowe works at the New York Stock Exchange.   (AP Photo/Mark Lennihan, File)

(Newser) – The stock market stumbled after a surprise contraction in manufacturing last month renewed worries that President Trump's trade wars were hurting the economy, the AP reports. The market had been rallying early Tuesday until the Institute for Supply Management reported that the manufacturing sector reached its lowest level in more than a decade. Industrial stocks fell hard. 3M gave back 3.7%. TD Ameritrade plunged 25.8% after rival Charles Schwab eliminated commissions for online trading, escalating a price war. Schwab fell 9.7%. The S&P 500 fell 36 points, or 1.2%, to 2,940. The Dow Jones Industrial Average lost 343 points, or 1.3%, to 26,573. The Nasdaq fell 90 points, or 1.1%, to 7,908. Bond prices jumped as investors sought out safer assets. The yield on the 10-year Treasury dropped to 1.64%. (Read more stock market stories.)

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