News Summary: Metals fall on slow manufacturing

AP News
Posted: Aug 01, 2012 3:57 PM
News Summary: Metals fall on slow manufacturing

SLOW GEAR: Prices of industrial metals fell after new reports showed manufacturing remained sluggish last month in the U.S. and China. That's adding to concerns about slower growth in the world's two biggest economies.

FED'S PLAN: The Federal Reserve said it planned no immediate action to promote U.S. economic growth but pledged again to take steps if the job market fails to improve. That proved disappointing to traders who had hoped for additional bond-buying programs.

OIL MOVES: Oil prices rose 1 percent after the government reported a surprise drop in stockpiles last week. Other energy products were mostly higher.