Jan. 4 (Bloomberg) -- U.S. stocks remained lower after growth in factory orders trailed economists’ estimates
The Standard & Poor’s 500 Index slipped 0.3 percent to 1,273.04 at 10:02 a.m. in New York.
Bookings for factory goods rose 1.8 percent after a revised 0.2 percent drop the prior month, data from the Commerce Department showed today in Washington. Demand for aircraft, autos and metals compensated for a drop in computers and electronics. Economists in a Bloomberg survey had estimated a 2 percent increase, according to the median forecast.
U.S. stocks climbed yesterday, sending the Dow Jones Industrial Average to the highest level since July, amid signs that manufacturing output is increasing from China to Australia and America.
The S&P 500 has rallied 16 percent from last year’s lowest level on Oct. 3 through yesterday as better-than-estimated economic data fueled optimism the world’s largest economy can withstand Europe’s sovereign-debt crisis. The S&P 500 had the 10th best performance among the world’s stock markets in 2011 and the second-best among 24 developed markets, even as the gauge recorded its first annual decline since 2008, posting a loss of 4/100th of a point.
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