Blue-chip stocks posted a slight gain as most stocks finished lower after economic reports from the U.S., China and the euro zone did little to curb concerns about the world economy. According to HSBC, Manufacturing in China continued to contract in September, as the flash Chinese PMI reading improved 20 basis points to 47.8, below the neutral reading of 50. Eurozone PMI fell to 45.9 from 46.3, a 39 month low as the region's service sector weighed on the economy. Flash composite PMI fell to 45.9 from 46.3 a month earlier. Meanwhile, the manufacturing PMI sub-index for the eurozone improved to 46.0, a six month high. First-time jobless claims fell by 3,000 last week to 382,000, slightly above the 375,000 estimated. The Conference Board reported its leading economic index fell 0.1% in August, while a longer-term trend remained positive. The Philly Fed index improved modestly in September, rising to negative 1.9 from negative 7.1 in August. Tech stocks slumped, with Hewlett-Packard leading the decline among large-cap techs despite some gains from Adobe Systems following its earnings report. H-P fell 1.88% on rumors that the co. has reportedly been looking to sell Electronic Data Systems outsourcing business. Apple was down about 0.48%, one day ahead of the retail launch of the iPhone 5. Adobe Systems rose 4.26% after RBC Capital Markets raised its rating on Adobe to outperform from sector perform, and took up its price target to $40 a share from $34. After the closing bell Oracle added 0.25% in volatile trading as quarterly revenue came in weaker than estimates.
