Worse-than-expected economic data hurts stocks
NEW YORK Investors are sending stocks lower after data on factory orders and the services industry came in below expectations.The decline is breaking a four-day advance, and many analysts say a pullback was due after the strong rise since last week.Comments from Federal Reserve Chairman Ben Bernanke in front of Congress have done little to reassure the market. Bernanke says the government needs to figure out a way to ease its massive debt load, and that failing to do so could undermine efforts to restore the economy to health.At midday, the Dow Jones industrial average is down 77 to 8,662. The Standard & Poor’s 500 index is down 12 to 932, and the Nasdaq composite index is down 11 to 1,825.
A survey showed a good bit of support for local government action to bolster workforce housing in town. For now though, that support stops at supporting a new tax for funding.