The U.S. stock market closed with sharp losses on Monday, after a much weaker-than-expected reading on manufacturing data as well as concerns over a slowdown in China, triggered the worst selloff in several months.
The S&P 500 and the Dow Jones Industrial Average ended the day with the steepest decline since June 20.
U.S. manufacturers expanded in January at the slowest rate in eight months as the pace of new orders sharply decelerated, according to the closely followed ISM index. The Institute for Supply Management index sank to 51.3% from 56.5% in December. That’s the lowest level since last May. Economists surveyed by MarketWatch had expected the index to drop to 56%.
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