Bloomberg News

U.S. Stocks Extend Drop After Philadelphia Fed Gauge Declines

November 17, 2011

Nov. 17 (Bloomberg) -- U.S. stocks extended losses after a Federal Reserve gauge of manufacturing in the Philadelphia region trailed economists’ estimates.

The Standard & Poor’s 500 Index slipped 0.6 percent to 1,229.87 at 10:03 a.m. in New York after paring earlier losses in the minutes before the Federal Reserve Bank of Philadelphia’s report.

The Philadelphia’s Fed’s general economic index decreased to 3.6 in November from 8.7 the prior month. Readings greater than zero indicate manufacturing growth in the area covering eastern Pennsylvania, southern New Jersey and Delaware.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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