STOCKS NEWS US-U.S. service sector shrank in May: ISM
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For U.S. stock market report double-click [.N] 1014 ET 03June2009-U.S. service sector shrank in May: ISM ------------------------------------------------------------------------------
The U.S. services sector shrank again in May, according to the Institute for Supply Management's nonmanufacturing index.
The index edged up to 44.0 in May from 43.7 in April. The analyst consensus estimate was for a reading of 45.
Any reading below 50 represents contraction in the sector.
For details, see [ID:nWEN9983]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1009 ET 103June2009-Factory orders up 0.7 percent in April ------------------------------------------------------------------------------
New orders received by U.S. factories rebounded in April, data from the Commerce Department showed on Wednesday, rising 0.7 percent in the month. Analysts were expecting a rise of 0.9 percent.
"Factory orders have been incredibly weak since August of last year. They've only only recently shown signs of stabilization, so in that respect, despite being weaker than expected, any positive reading is a desired outcome at this point," said Dan Greenhaus, an analyst at Miller Tabak & Co in New York.
For details, see [ID:nN02175619]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0955 ET 03June2009-Steel sector falls after Steel Dynamics measures ------------------------------------------------------------------------------
Shares of steel companies fell on Wednesday, a day after Steel Dynamics (STLD.O) cut its quarterly dividend by 25 percent and said it plans to offer 27 million of its common shares and $150 million of convertible senior notes due 2014 to repay debt.
For details, see [ID:nBNG498001]
The Dow Jones U.S. Steel index .DJUSST slid 5.3 percent to $210.59 while Steel Dynamics was off 8.2 percent to $14.32. Among other companies in the group, AK Steel (AKS.N) dropped 6 percent to $15.16, U.S. Steel (X.N) dropped 4.7 percent to $34.72 and Nucor (NUE.N) dropped 4.6 percent to $45.22.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0950 ET 03June2009-Mortgage applications fall as rate advance ------------------------------------------------------------------------------ Continued...
