US stocks close 79 points down

Wall Street fell sharply today after the Philadelphia Federal Reserve surprised investors by announcing that its broadest measure of manufacturing activity fell to a negative reading for the first time since April 2003, renewing investor fears that the economy could be cooling too quickly.

US stocks close 79 points down

Wall Street fell sharply today after the Philadelphia Federal Reserve surprised investors by announcing that its broadest measure of manufacturing activity fell to a negative reading for the first time since April 2003, renewing investor fears that the economy could be cooling too quickly.

The Philadelphia Fed said its index of current activity fell from 18.5 in August to negative 0.4 this month.

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