The Globe and Mail reports in its Tuesday, Dec. 2, edition that U.S. stocks lost ground on Monday as long-term borrowing costs climbed and investors looked toward the Federal Reserve's policy announcement next week. An unbylined item in The Globe reports that the Dow Jones Industrial Average fell 427.09 points, or 0.90 per cent, to 47,289.33, the S&P 500 lost 36.46 points, or 0.53 per cent, to 6,812.63 and the Nasdaq Composite lost 89.76 points, or 0.38 per cent, to 23,275.92. The Institute for Supply Management's survey showed U.S. manufacturing contracted for a ninth straight month in November. Markets have largely priced in a rate cut from the Fed at the conclusion of its two-day policy meeting on Dec. 10. They are pricing in an 85.4-per-cent chance of a 25-basis-point cut, according to CME's FedWatch Tool. Equity Market Structure Research's Joe Saluzzi says: "The market actually is still obviously earnings-driven. ... I see no reason why the uptrend doesn't continue, at least, not as quickly, but maybe more of a grind up to the end of the year."