(Reuters) - Stocks dropped 1 percent on Monday as weaker-than-expected U.S. manufacturing data and uncertainty over the debt deal in Washington left investors wary about the outlook for the economy and the market.
Early gains over the deal quickly faded as investors still saw road bumps ahead in tackling the U.S. deficit problem, and as the Institute for Supply Management (ISM) reported the U.S. manufacturing sector grew at the slowest pace in two years in July.
The ISM report also showed new orders contracted.
http://finance.yahoo.com/news/Wall-Street-down-1-percent-on-rb-624514838.html;_ylt=AgDxEbPxSpqF_XUKvfLIhJX9ba9_;_ylu=X3oDMTE2Zm03ZXMzBHBvcwMyBHNlYwN0b3Atc3RvcmllcwRzbGsDd2FsbHN0cmVldGRv?x=0
Early gains over the deal quickly faded as investors still saw road bumps ahead in tackling the U.S. deficit problem, and as the Institute for Supply Management (ISM) reported the U.S. manufacturing sector grew at the slowest pace in two years in July.
The ISM report also showed new orders contracted.
http://finance.yahoo.com/news/Wall-Street-down-1-percent-on-rb-624514838.html;_ylt=AgDxEbPxSpqF_XUKvfLIhJX9ba9_;_ylu=X3oDMTE2Zm03ZXMzBHBvcwMyBHNlYwN0b3Atc3RvcmllcwRzbGsDd2FsbHN0cmVldGRv?x=0
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