Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  October 30, 2009; 9:56 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Reactions to return to positive GDP
Next: Post exclusive: Greenspan says bad big banks should be busted up

Comments

"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.

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

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company