Stocks Fall on Manufacturing Weakness

An unexpected skid in the Philadelphia Fed's February survey fanned recession fears Thursday

Stocks closed lower Thursday as weaker-than-expected reports on Philadelphia-area manufacturing and the Conference Board's gauge of leading economic indicators stoked worries the economy may be falling into a recession. Investors also weighed reports on first-time unemployment filings and leading economic indicators. Bonds surged in a rebound from Wednesday's slide. Gold and platinum futures hit record highs, while crude oil moved below the $100 mark.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.