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Factories Expand At Slower Pace
1The manufacturing index fell more than expected to 53.9 in April from 55.6 in March. It's the third straight month above the break-even 50 mark. The prices paid index surged to 60.3 after a sharp rise in March to 51.9, driven by energy prices. Some firms are finding it easier to raise prices, key to boosting profits. More on this page
GM Led Solid Auto Sales In April
2GM's sales rose a surprising 12.4%, all due to trucks, as big incentives kept luring buyers. The No. 1 global automaker raised Q2 production. Sales at DaimlerChrysler's Chrysler arm rose 2.8%. But Ford said sales ex-foreign brands fell 8% due to weak fleet sales to businesses and rental-car agencies. Ford's retail sales were flat. Most foreign automakers had higher April sales.
Market Scrambles Out Of Ditch
3Slower manufacturing growth brought retreat in the morning. But stocks came back after noon, preserving their latest attempted rally. The Dow led the way, rising 1.1%. The Nasdaq climbed off its lows but still closed 0.6% lower. Volume eased on the NYSE but climbed on the Nasdaq. Medical stocks, especially HMOs, turned in another strong showing. More on B2
Construction Spending Takes Dip