Major US stock indices edged lower Monday after reports of, dpa reported.
The private Institute for Supply Management announced Monday that its factory index, a measure of manufacturing activity, had its sharpest one-month drop in October in 26 years.
Troubled US automaker General Motors Corp reported a drop of 45 per cent in sales of cars and light trucks in October from the same month a year earlier. It was the worst monthly decline in more than 60 years, as drying up credit markets and panic on stock markets deterred buyers.
"It pays to be cautious relative to the economy, because we don't know how long or deep the recession is going to be," Matthew DiFilippo, research director for Stewart Capital Advisors, told the Bloomberg financial news agency. "You want to invest in companies that don't have to rely on the kindness of strangers (in the credit markets)."
The blue-chip Dow Jones Industrial Average dipped 5.18 points, or 0.06 per cent, to 9,319.83. The broader Standard & Poor's 500 Index was off 2.45 points, or 0.25 per cent, to 966.3. The technology-heavy Nasdaq Composite Index lost 5.38 points, or 0.31 per cent, to 1,726.33.
The dollar rose against the Japanese currency to 99.244 yen late Monday from 98.47 yen on Friday. The dollar climbed against the euro to 79.233 euro cents from 78.58 euro cents on Friday.