Markets Slightly Off at Opening
Wall Street opened slightly down today, as traders digested consumer spending and personal income data.
In the first 15 minutes of trading, the Dow was down 20 points.
The S&P 500 and the tech-heavy Nasdaq were both down about half of 1 percent.
Consumer spending ticked up 0.4 percent in July, according to Commerce Department statistics released this morning. This means that U.S. consumers spent a little more and saved a little less last month.
That might be good for the U.S. economy -- 70 percent of which is based on consumer spending -- but it's not necessarily personally fiscally healthy. The personal saving rate fell from 6.2 percent in May to 4.6 percent in June, which may indicate consumers are going back to their old, pre-recession, profligate ways.
At the same time, personal income fell 1.3 percent in July. Combine that with the decline in personal saving and you can do the math.
August 4, 2009; 9:54 AM ET
Categories: The Ticker | Tags: Commerce Department, Dow Jones, consumer spending, nasdaq, s&p 500
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Posted by: Dermitt | August 4, 2009 11:06 AM | Report abuse
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