Skip navigation


Current DateTime: 07:38:07 20 Nov 2009
LinksList Documentid: 33482595

Current DateTime: 07:38:08 20 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Fashion Show.

  • The Richest Members of the US Congress

      Recently, the Center for Responsive Politics found that there are 237 millionaires in the US Congress.

  • 10 Tips to Get Out of Debt

      Renowned financial author Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.

FEATURED QUIZZES


Current DateTime: 07:38:08 20 Nov 2009
LinksList Documentid: 33793611
  • How Much Do You Know About Green?

      Green has become part of our everyday lives. Green is everywhere-- energy, clothing, food, housing, transportation. It's a big business and a global business.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?


Current DateTime: 07:38:08 20 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
By: CNBC.com | 03 Nov 2008 | 11:11 AM ET
Text Size

Stocks were flat Monday as investors digested a mixed bag of economic data and marched in place ahead of Tuesday's presidential election.

"Right now that money is sitting on the sidelines waiting to see what happens tomorrow," Jack Bouroudjian, a principal at Brewer Investment Group, said on CNBC.

Major U.S. Indexes
Loading...
Loading...
Loading...

A relief rally is expected on Wall Street for Tuesday, the day of the U.S. presidential election, as business leaders and analysts continue to debate which candidate will be better for the economy.

The morning's economic data were mixed.

U.S. business conditions took a sharp downturn in the third quarter and the near-term outlook is even more gloomy, according to a quarterly survey conducted by the National Association for Business Economics.

The Institute for Supply Management reported its gauge of manufacturing activity dropped to 38.9 in October, its lowest level in 26 years. Economists had expected a more modest drop to 42.

"The PMI indicates a significantly faster rate of decline in manufacturing when comparing October to September," said Norbert J. Ore, chairman of the ISM survey committee. "It appears that manufacturing is experiencing significant demand destruction as a result of recent events, with members indicating challenges associated with the financial crisis, interruptions from the Gulf hurricane, and the lagging impact from higher oil prices," Ore said.

Meanwhile, construction spending fell 0.3 percent in September, better than the 0.7-percent drop expected, and August spending was revised upward to a 0.3-percent increase.

But there is little relief to come from interest rate cuts by the Federal Reserve, policy-maker Jeffrey Lacker said, insisting that the Fed must not forget about inflation as it battles recession, or leave interest rates too low for too long next year.

Some relief, however, looked set to come for homeowners, as JPMorgan Chase [JPM  Loading...      ()   ], the nation's largest bank and one of its biggest mortgage lenders, temporarily halted foreclosures Friday and offered to renegotiate a swathe of mortgages.

Oil drifted lower as leaders of the Organization of Petroleum Exporting Countries have declared their intentions to cut production to defend prices. Shares at energy leaders ExxonMobil [XOM  Loading...      ()   ] and Chevron [CVX  Loading...      ()   ], both Dow components, edged lower premarket.

Another Dow component, Boeing, looked poised for an active day after the company agreed to a four-year contract with its 27,000-member assembly workers union over the weekend. Despite the agreement, Boeing [BA  Loading...      ()   ] shares slipped 1.2 percent premarket after gaining as much as 3.5 percent earlier.

Asian stocks closed higher as Seoul announced $11 billion in new spending and tax cuts and dismal Australian economic data cemented expectations that its central bank will slash rates again on Tuesday.

European markets were also mostly in the green as the Bank of England and the European Central Bank are expected to slash rates further when they meet on Thursday.

This Week:

MONDAY: Auto sales; Earnings after the bell from ADP, MasterCard and Viacom
TUESDAY: Election Day; factory orders; Dallas Fed president speaks
WEDNESDAY: Weekly mortgage applications; ADP employment report; ISM services report; weekly crude inventories; Earnings from Time Warner, Cisco and News Corp
THURSDAY: Monthly chain-store sales; weekly jobless claims; BOE, ECB announcements; Earnings from Anheuser-Busch
FRIDAY: Jobs report; pending-home sales; wholesale trade; consumer credit; Earnings from Ford, Sprint Nextel and Berkshire Hathaway

Send comments to .

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Technology can make or break a fortune in the world of alternative energy.
  • Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
  • Jim Cramer
  • Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
  • From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
  • real estate signs
  • The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
  • CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
ADD COMMENTS
Remaining characters


Current DateTime: 02:08:00 20 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 08:57:19 20 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 04:40:46 20 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 12:54:15 20 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters