At the time of posting the Dow is down 26.87 to 12,853.22 on the announcement of a contraction in US manufacturing activity. Oil is down $1.71 to $83.25 and gold is down $6.40 to $1597.80
A survey of purchasing managers showing US manufacturing activity declined in June to a level that indicates that the sector is contracting. This is the first decline since 2009, and is a worrying sign for the US economy.
Stocks had rallied on Friday after eurozone political leaders agreed to the steps needed to stabilize credit markets and strengthen the region’s banking system.
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