Bloomberg News

U.S. Stocks Drop After Factory Orders Trail Economists’ Forecast

July 05, 2011

July 5 (Bloomberg) -- U.S. stocks declined, sending the Standard & Poor’s 500 Index lower after the measure posted the biggest weekly gain in two years, after growth in factory orders trailed economists’ forecasts.

The S&P 500 slumped 0.3 percent to 1,335.99 at 10:28 a.m. in New York as financial and industrial companies retreated 0.9 percent and 0.7 percent, respectively, for the biggest losses among 10 groups.

The Commerce Department said orders placed with U.S. factories increased 0.8 percent in May, while economists projected a 1 percent increase, according to the median forecast in a Bloomberg survey.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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