Following the worst quarter in 4 years, stocks finished the 1st day of the 4th quarter in mixed fashion. Stocks initially fell on the first day of October after the release of The Institute for Supply Management’s (ISM) Manufacturing Index which dipped to it’s lowest level since May 2013 at 50.2 which is just a fraction above the level showing contraction in the sector. Peter Cardillo, chief market economist at Rockwell Global Capital told CNBC:
“The ISM manufacturing data is indicative of the sector moving towards contraction at this point. The ISM was certainly very disappointing and taking stocks out of the surge. I think the market is probably going to stay on the jittery side, looking ahead to Friday’s jobs report.”
The Dow Jones industrial average temporarily dipped more than 200 points but later regained most of it’s losses. IBM was the biggest downer on the Dow on a day investors took into account drops in oil prices and other global economic worries. Materials gained 1 percent to lead the S&P, while Apple finished down 0.65 percent, after briefly dropping 2.7 percent.
Here are the final numbers for Thursday, 10/1/15 on Wall Street:
Dow Jones Industrial Average: 16,272.01 (-12.69/ -0.08%)
NASDAQ: 4,627.08 (+6.92 / +0.15%)
S&P 500: 1,923.82 (+3.79 / +0.20%)