Stocks slide amid uncertain market

The Dow Jones industrial average rose 17.15, or 0.2 per cent, to close on Friday at 9,171.61

Stocks had their fourth straight day of incremental moves as commodity prices slid and orders for big-ticket manufactured goods declined, injecting more economic uncertainty into the US market.

The Dow Jones industrial average fell 26.00, or 0.3%, to close on Wednesday at 9,070.72.

The broader Standard & Poor's 500 index fell 4.47, or 0.5%, to 975.15, while the Nasdaq composite index slipped 7.75, or 0.4%, to 1,967.76.

Investors are uneasy but aren't giving up on stocks. The Dow Jones industrials lost only 26 points and major indexes are still up about 11% since only mid-July. Analysts say the market's buoyancy after such a big gain is a welcome sign of stability, but also that more good news is needed for stocks to resume their climb.

For now, though, investors are finding more reasons for concern. The price of oil and raw materials fell after stocks tumbled in China on fears that the growth in that country's economy would slow. That could hurt demand for a range of commodities. A jump in US crude inventories further weighed on the price of oil.

The Commerce Department said orders to US factories for manufactured goods - those expected to last at least three years - fell an unexpectedly steep 2.5% in June. The slide reflected troubles in the auto industry and a drop in demand for commercial aircraft. It was the largest decrease in five months, and was worse than the 0.6% decrease analysts were expecting.

Traders are facing an intense seven-day run of economic data that will help shape views about how quickly the economy can pull out of the longest recession since the Second World War.

On Thursday, weekly unemployment figures are due, while a reading of the economy's overall output for the April-June quarter comes out on Friday. Next week, reports are expected on manufacturing, housing, employment and the service industry.

Analysts suggest some good numbers could bring out more buyers.

"The market is a barometer and not a thermometer. As long as things are getting better, the market can go up," said Manny Weintraub, president of Integre Advisors in New York.