The stock market cooled off today on the news that The People's Bank of China announced it will raise the ratio of reserves that Chinese banks must set aside by 0.5 percentage points. The central bank is tightening monetary policy in an attempt to restrain bank lending.
Investors also were spooked today by a slight dip in the University of Michigan and Reuters Consumer Confidence Index, which fell to 73.7 in February from 74.4 in January.
Local stocks in the BizTimes Stock Index felt the chill. The largest local decliners this morning were Rockwell International Inc. (down 60 cents to $50.80) and Manpower Inc. (down 59 cents to $51.94). The largest local advancers this morning were newly minted Generac Holdings Inc. (up 8 cents to $12.99) and Harley-Davidson Inc. (up 7 cents to $23.59).
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