Business News - U.S. markets retreat Monday

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U.S. markets retreat Monday

NEW YORK (UPI) -- U.S. markets swung away from gains Monday despite a round of positive economic data and a large profit posted by Ford Motor Co.

The Dow Jones industrial average was up 127 points early after Ford Motor Co. posted a $997 million profit in the third quarter.

The National Association of Realtors said pending home sales rose for the eighth consecutive month. The Institute of Supply Management said manufacturing activity rose for the third month in a row. Construction spending rose in September.

By early afternoon, however, markets had pulled back from gains. The DJIA was down to a 19.73 point gain, up 0.2 percent, to 9,732.46. The Standard & Poor's 500's early gains retreated to 0.1 percent, up 0.09 points, to 1,036.28. The Nasdaq composite index lost 6.54 points, or 0.32 percent, to 2,038.57.

The benchmark 10-year U.S.Treasury lost 3/32 to yield 3.398 percent.

The euro rose to $1.4767 compared to Friday's $1.4717. Against the yen, the dollar rose to 90.26 yen from Friday's 90.02 yen.

In Japan, the Nikkei 225 index lost 2.31 percent, 231.79, to 9,802.95.

The FTSE 100 index in Britain added 59.95, 1.19 percent, to 5,104.50.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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