Stocks appeared poised to build on Wednesday's Fed-fueled gains, opening higher across the board Thursday. However, the main indexes quickly swung into negative territory following a round of disappointing economic data.
Specifically, the Institute for Supply Management said its Manufacturing Purchasing Managers Index (PMI) fell to 46.8% in July from 48.5% in June. Readings below 50% indicate contraction – and this was the fourth straight month the index came in below the key level.
