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08:41PM (15 mins delay)
Nov 02, 2009 - 3:38 PM EST
Frederic Ruffy submits:The major averages are trying to bounce back from steep losses suffered Friday and were helped higher in morning trading by better-than-expected economic news. The ISM Manufacturing Index, released at 10:00 eastern time, showed a surprise uptick to 55.7 in October -- which was up from 52.6 in September and better than the 53 economists had predicted. Separate data on construction spending and pending home sales, also released at 10:00, improved more than economists had expected as well.
Yet, after the initial positive reaction to the data, the major averages gave back the gains, as the bearish underlying tone continues. The Dow Jones Industrial Average, which hit a high of 9,859, was under water by midday and up 38 points to 9,751 heading into the final hour. The tech-heavy NASDAQ is down 3 points after Citi analysts whacked PALM and Research In Motion (RIMM) with Sell ratings.
Source: Seeking Alpha (Nov 02, 2009 - 3:38 PM EST)
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