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U.S. stocks mixed on grim economic data

Published: 02/02/2009 05:00

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U.S. stocks ended mixed Monday on grim economic data from consumer spending and manufacturing.

Traders work on the floor of the New York Stock Exchange, Feb. 2, 2009. The S&P 500 and Dow fell on Monday as uncertainty over the future of the banking sector persisted and investors fretted over a lackluster earnings season and warnings of more weakness to come. (Xinhua/Reuters Photo)

The stocks tumbled after the U.S. Commerce Department reported personal consumption spending dropped by 1 percent in December, which was worse than the 0.9 percent decline economists had expected. Moreover, incomes fell for a third straight month while the U.S. savings rates rose to the highest level since May.

The Commerce Department also reported that total construction spending dropped by 1.4 percent in December, slightly worse than the 1.2 percent decline economists expected.

The market sentiment was somehow eased after the Institute for Supply Management said its index of factory activity improved from last month’s 32.9 to 35.6 in January, better than the average 32 economist had expected.

Financials remain weak as the U.S. government’s “bad bank” plan was reportedly delayed due to large spending.

The Dow Jones industrial average was down 64.27 points, or 0.80percent, at 7,936.59. The Standard & Poor’s 500 Index dipped 0.67 point, or 0.08 percent, to 825.21. The Nasdaq Composite Index rose18.01 points, or 1.22 percent, to 1,494.43.

VietNamNet/Xinhuanet

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