Acadiana Business Index 08-01-11
Mark Lasseigne fills you in on Wall Street finishing in the red, but well above the lows of the day.
-The Dow Jones Industrial Average lost 11 points to 12,132.
-Stocks turned negative after a July reading on the manufacturing sector showed barely any growth, renewing worries about the state of the U.S. economy.
-Market were also wary that a debt-ceiling deal wouldn't be enough to eliminate the threat of ratings downgrades.
-Health-care stocks were the S&P 500's weakest performers after Medicare said it will cut payment rates to skilled nursing facilities by 11% next fiscal year, sending shares of health-care providers tumbling.
-Crude-oil settled at $95.01/ barrel.
-Gold closed at $1,622/ounce.