Stocks slip after regional manufacturing contracts

Stocks are slipping following a Philadelphia Federal Reserve report that regional manufacturing shrank again in April. The Philadelphia Fed's reading on manufacturing came in at a negative 24.4 for April compared with a negative 35.0 in March. The report shows general activity, new orders and employment remained negative, though the measures improved somewhat from March. Stocks have been fluctuating early Thursday following a late rally Wednesday. The Dow Jones industrial average is up down 25 points at the 8,005 level. The Standard & Poor's 500 index is down 1 at 851. The Nasdaq composite index is up 13 points at the 1,639 level.