Stocks open down on consumer spending news
Wall Street opened down today after yesterday's big rally, following news that consumers have pulled back spending.
In the first 15 minutes of trading, the Dow is down two-tenths of 1 percent.
The S&P 500 is down nearly four-tenths of 1 percent and the tech-heavy Nasdaq is down about a tenth of 1 percent.
Consumer spending accounts for about 70 percent of U.S. GDP. Consumers are spending less and using their money to pay down debt and do something very radical: save.
Hitting 10,000 was the worst thing to happen to the markets. Both the Dow and the S&P 500 are down for the second straight week and the Nasdaq is on pace to end its eight-month winning streak.
-- Frank Ahrens
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By
Frank Ahrens
|
October 30, 2009; 9:56 AM ET
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The Ticker
| Tags: Dow Jones, nasdaq, s&p 500
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Posted by: fdffjdjjf-0999--88888 | October 30, 2009 10:56 AM | Report abuse
First we had the Tech Bubble, then it was the Housing Bubble, now we have the Stimulus Bubble. This economy has been floating on bubbles for twenty years.
Posted by: AtTheBeach1 | October 30, 2009 2:16 PM | Report abuse
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"Consumer spending accounts for about 70 percent of U.S. GDP. Consumers are spending less and using their money to pay down debt and do something very radical: save."
That would be real savings, as opposed to my wife "saving" 30% buying something we don't need, or lying Jared Bernstein claiming we "saved" 650K jobs.
Right, Jared. Get back to your masters on Wall Street and prepare your resume to cash in, traitor.