Stocks Lower as Consumer Spending Drops

May 30, 2014 at 3:28 PM

Stocks were slightly lower in morning trading Friday after the government reported that consumer spending fell for the first time in a year.

The Standard & Poor's 500 index hovered near its previous day's record closing high of 1920.03 and was down less 0.1%.

The Dow Jones industrial average dropped 0.1% and the Nasdaq composite index fell 0.1%.

The Commerce Department reported that consumer spending unexpectedly fell 0.1% in April. That came after a 1% surge in spending in March. Income rose 0.3% in April.

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Source: USA Today

Category: Bizblog