U.S. economic data released this morning made it very clear that rallying for a second straight day would not be in the cards. The Chicago Purchasing Managers Index, a measure of manufacturing activity, fell to 49.7 in September from 53 in August. Any level below 50 represents contraction and is the lowest reading since the recession in 2009.
We also received stress-test data on Spain's banks ,which was less bad than expected, but still nothing to write home about. Half of Spain's 14 banks tested passed the test, although a shortfall of $76 billion in capital was noted. Now that the world has a tangible shortfall figure, the fun really ensues regarding who should pay for it -- Spain's citizens, or the EU as a whole?
Given today's pessimism, the S&P 500
Without question, the biggest drag on the S&P 500 from today's weak Chicago PMI data is the coal sector -- specifically, metallurgical coal providers Alpha Natural Resources
Not every stock pushed the S&P 500 lower today, with consulting firm Accenture
Generic and brand-name pharmaceutical company Watson Pharmaceuticals
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