Stocks falling after consumer spending slides
NEW YORK (AP) — Stocks are slipping on Wall Street after a disappointing report on retail spending by U.S. consumers.
The Dow Jones industrial average fell 34 points at 12,743 at 11:45 EST. The Standard & Poor's 500 fell less than two points to 1,355 and the Nasdaq composite index dropped less three points to 2,906.
The government said retail sales fell 0.5 percent in June from the month before as Americans spent less on autos, furniture and appliances. It was the third straight month of drops.
Investors sold companies that rely heavily on consumer spending. Home Depot fell 59 cents, or 1.1 percent, to $51.50 and Lowe's Cos. lost 59 cents, or 2.2 percent, to $26.13.
Citigroup rose was 30 cents at $27.01 after the bank reported income of $2.9 billion.
