Stocks Dip After Disappointing Manufacturing Data
byAug 24th 2012 10:12AM
NEW YORK (AP) - U.S. stocks are opening lower, pushed down by a disappointing report about the manufacturing industry.
The Commerce Department says orders for long-lasting factory goods, such as computers and industrial machinery, fell in July. That excluded gains from the transportation category, which is volatile and rose largely because of orders at Boeing (BA).
Durable goods are a key measure of economic health because they show whether businesses are willing to bet on future growth and spend money.
The major stock indexes are all down slightly. The Dow Jones industrial average is down 10 to 13,044. The Standard & Poor's 500 is down two to 1,400. The Nasdaq composite index is down nine to 3,045.
Drugmaker Eli Lilly (LLY) jumped after reporting promising signs about a possible treatment for Alzheimer's disease.