Stocks plunge on disappointing manufacturing data

A surprise drop in a key regional economic indicator sent stocks reeling in early trading Wednesday, with the Dow Jones industrials tumbling more than 100 points.

The Chicago Purchasing Managers Index fell to 46.1 in September rather than rising to the 52 that economists expected. The index, considered a precursor to the national Institute for Supply Management index to be released on Thursday, pointed to a Midwestern manufacturing sector than is weaker than had been expected.

The news punctured a mild stock rally that had followed an upward revision in the Commerce Department’s final report for the second-quarter gross domestic product. The government said the GDP, the broadest measure of the economy, sank at a pace of just 0.7 percent in the spring. The new reading was better than the annualized 1.1 percent drop that economists were predicting.

But the Chicago PMI data is fresher, and therefore more troubling, than the GDP reading. And it reminded investors that the economy still has major obstacles to be overcome before a solid recovery can occur.

In the first hour of trading, the Dow fell 115.70, or 1.2 percent, to 9,626.50. The Standard & Poor’s 500 index dropped 12.49, or 1.2 percent, to 1,048.12. The Nasdaq composite index skidded 26.41, or 1.2 percent, to 2,097.63.

Yesterday’s Top Performing Small Cap Stock:

Vivakor, Inc. (OTC BB: VIVK) was a eXpressIR top performer yesterday closing up over 9% on trading volume of 58,414 shares.

Vivakor an up and coming biomedical/biotechnology company with trans-disciplinary research that develops and acquires products in the fields of molecular medicine, electro-optics, biological handling and natural and formulary compounds, that extend or improve life.

The R&D Core at Vivakor (the idea hub) innovates, develops and validates biomedical devices and biotechnologies. Commercialization of Vivakor technologies is accomplished through partnerships with manufacturers and niche-industry marketing and distribution leaders.

Vivakor generates revenues through the licensing or sale of its technologies. Vivakor is preparing a portfolio of intellectual properties and subsidiaries. The subsidiaries will focus on the commercialization of technologies developed by Vivakor. More information can be found about Vivakor at www.vivakor.com.

Today’s eXpressIR Hot Stock to Watch:

Mantra Venture Group Ltd. (OTC BB: MVTG)

Mantra Venture Group Ltd. announced that it has just signed its second Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) in support of its Electroreduction of Carbon Dioxide (ERC) technology.

Mantra received its first contribution from NRC-IRAP in April 2009 with the purpose of establishing the technical basis for electro-reduction of carbon dioxide to formate using Mantra’s ERC technology. Mantra’s technology has advanced significantly since this initial reward, including an increase in efficiency to 89.66% from 46.24% through the use of a new cathode structure. These encouraging improvements, along with Mantra’s continual compliance with program guidelines, contributed to NRC-IRAP’s second financial assistance award.