NEW YORK - Wall Street stocks tumbled on Tuesday as a dismal report on manufacturing exacerbated fears that the slowing US economy could tip into recession.
The ISM's index fell 1.3 points to 47.8 per cent in September, the lowest since June 2009 and well below the 50 rating that separates growth from contraction."Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019," Timothy Fiore, chair of ISM's manufacturing survey, said in a statement.
Among individual companies, General Motors dropped 3.7 per cent as a United Auto Workers strike further pinched operations.