Stocks drop with weak manufacturing report

Stocks rallied early on Monday in light of the debt deal reached in Washington. But later, stocks reacted to a disappointing manufacturing report, which pulled the Dow down about 145 points to close 11 points down.

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    Specialists Michael Volpe, left, and Frank Masiello work at their posts on the floor of the New York Stock Exchange Monday, Aug. 1, 2011. Stocks rallied early but ended the day with losses.
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NEW YORK (AP) — A see-saw day on Wall Street is ending with an 11-point drop in the Dow Jones industrial average.

The Dow started the day up nearly 140 points after President Barack Obama and congressional leaders said Sunday that a deal had been reached to raise the nation's borrowing limit. But a surprisingly weak manufacturing report erased those gains and took the Dow down as much as 145 points. Stocks gradually pared those losses in the afternoon.

The Dow is closing with a loss of 11 points, or 0.1 percent, to 12,132. The S&P 500 fell 5, or 0.4 percent, to 1,287. The Nasdaq lost 12, or 0.4 percent, to 2,745.

Rising and failing shares were roughly even on the New York Stock Exchange. Volume was higher than average at 4.4 billion shares.

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