News Column

Markets Slip on Spending Report

Nov. 30, 2012
market dropping

U.S. stocks slipped Friday as the Commerce Department said consumer spending dropped 0.2 percent in October.

Personal incomes and disposable incomes were both flat in the month. The Bureau of Economic Analysis said Hurricane Sandy disrupted work, which derailed payroll gains that may have turned into spending.

In early afternoon trading, the Dow Jones industrial average was flat, dropping 12.14 or 0.09 percent to 13,009.68.

The tech-heavy Nasdaq index lost 5.60 points or 0.19 percent to 3,006.42. The Standard & Poor's 500 was off 1.62 points or 0.11 percent to 1,414.33.

The 10-year treasury note was u 1/32 to yield 1.616 percent.

The euro rose to $1.3002 from Thursday's $1.2979. The dollar rose to 82.52 yen from 82.12 yen.

Japan's Nikkei 225 index climbed 0.48 percent, 45.13 points, to 9,446.01.

Britain's FTSE 100 index dropped 0.06 percent, 3.48 points, to 5,866.82.

Source: Copyright United Press International 2012