US: Stocks tumble on weak manufacturing data

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[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. Read more at The Business Times.

The broad-based S&P 500 shed 1.2 per cent to 2,940.25, while the tech-rich Nasdaq Composite Index fell 1.1 per cent to 7,908.68.

Analysts have pointed to upcoming trade talks between Beijing and Washington as critical to the market's fortunes in the coming period. Among individual companies, General Motors dropped 3.7 per cent as a United Auto Workers strike further pinched operations.

 

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