The indices kicked off a week of negative results closing just slightly down on Monday, as Energy stocks led decliners in choppy trading. In economic news, a reading of the Chicago PMI fell to 50.6 from 54.2 in September, showing a decrease in business activity in the Midwestern region. Activity was expected to increase to a reading of 54.3. However, consumer spending ticked up in September, increasing by 0.5%, while income rose by 0.3%. Analysts expected income to rise by 0.4%. Stocks continued to trade lower on Tuesday on election uncertainty after the release of conflicting poll data. The Institute for Supply Management Manufacturing Index increased at a faster rate than expected, coming in at 51.9 for October, up from 51.5 in September. Analysts had expected a slightly lesser uptick to 51.7. Stocks continued to slip midweek on a variety of economic news. The Federal Reserve concluded its two-day Federal Open Market Committee meeting, keeping the Federal Funds rate unchanged at 0.25% to 0.5% in an 8 to 2 decision. Stocks traded lower again on Thursday amid a dip in crude oil and other economic news. West Texas Intermediate crude continued to fall by 1.61% to settle at $44.61 a barrel. The results marked its fifth session decline and worst close in six weeks. Elsewhere, Department of Labor data showed new jobless claims increased by 7,000 to 265,000. Continuing claims, meanwhile, decreased by 14,000 to 2.026 million for the week ended October 22. U.S. factory orders climbed 0.3% in September up from 0.2% growth in August, beating analysts’ expectations of flat results for September. Indices closed the week firmly in red territory on Friday, as stocks dipped on the release of October employment numbers. Department of Labor data showed an addition of 161,000 jobs, which was slightly short of the 175,000 economists had forecast. However, August and September figures were upwardly revised by a combined 44,000. Additionally, the unemployment rate slipped to 4.9%, down from 5%.
