Stocks Are Tumbling Again
The Dow is down 52 points and the S&P is down 6 points, reflecting 0.3% declines. That Nasdaq is down 25 points or 0.6%.
This comes in the wake of a disappointing ISM services report. The headline index unexpectedly fell to 53.0 in December from 53.9.
Everyone is particularly worried about the new orders sub-index, which plunged to 49.4. This was the lowest reading since May 2009.
"The decline in new orders activity augurs negatively for future service sector performance," said TD Securities' Gennadiy Goldberg.