US equity markets settled lower after opening in positive territory, the move higher in US stock futures before the open came after risk on sentiment induced by a beat in Chinese Manufacturing PMI and Greece announcing the details of their debt buyback. However the early gains were erased following lower than expected ISM data with the ISM manufacturing figure coming in at its lowest for three years and ISM Employment the lowest since September 2009. Dell was one of the biggest gainers in the S&P 500 and the Nasdaq 100 gaining 4.4% after it was upgraded from sell to buy by Goldman Sachs. However the prospect of the fiscal cliff still weighs on investors with political haggling between Democrats and Republicans continuing. Retail stocks were among the weakest of the day as consumer discretionary names tend to be impacted during periods of economic uncertainty as consumers focus on core purchases, JC Penney fell 3.4% and Big Lots were down 2.5%. Finally, the DJIA finished down 0.46% at 12965.99, the S&P 500 finished down 0.47% at 1409.47 and the Nasdaq 100 finished down 0.23% at 2671.84.
03 Dec 2012 - 22:02 - - Source: RANsquawk
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