Bloomberg News

U.S. Stock Futures Fall as New York Manufacturing Contracts

October 17, 2011

Oct. 17 (Bloomberg) -- U.S. stock futures declined as manufacturing in the New York region contracted in October at a faster rate than forecast.

S&P 500 futures expiring in December slipped 0.1 percent to 1,217.6 at 8:32 a.m. New York time, after advancing of as much as 0.9 percent.

The Federal Reserve Bank of New York’s general economic index rose to minus 8.5 from minus 8.8 in September. Economists projected an improvement to minus 4, based on the median of 53 forecasts in a Bloomberg News survey. Readings less than zero signal companies in the so-called Empire State Index, which covers New York, northern New Jersey, and southern Connecticut, are cutting back.

The S&P 500 rose 6 percent last week amid optimism over corporate earnings and steps by European leaders to support the region’s banks. It has surged 11 percent from Oct. 3, its lowest close in more than a year, through Oct. 14. The rebound brought the gauge close to the top of a price range between 1,074.77 and 1,230.71, where it’s traded for more than two months.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus