Stocks are giving back some of the previous day’s big gains as consumer spending dips
Personal spending fell 0.5 percent in September, the Labor Department reported Friday, in line with forecasts. That follows a 1.3 percent jump in August fueled by the government’s popular Cash for Clunkers car rebate program.
The market is paying close attention to indicators of consumer spending, which is still in a slump despite improvements in other parts of the economy such as manufacturing and housing. Spending by consumers makes up a major part of the U.S. economy.
The Dow Jones industrials jumped nearly 200 points on Thursday following a strong report on gross domestic product growth in the third quarter, but many economists worry that much of that growth came from government stimulus measures and that weak spending by consumers will continue to hold the economy back.
Stocks are sharply higher after the government said the economy grew at a stronger than expected pace during the third quarter
Investors have spent the past couple of months hunting for clues of just how much the economy has recovered. Thursday’s gross domestic product reading gave them the surest sign yet that the economy is on the upswing.
The Commerce Department said the economy grew at an annual pace of 3.5 percent in the third quarter, faster than the 3.3 percent increase predicted by economists polled by Thomson Reuters.
Stocks are slightly lower as investors grow more cautious about the strength of an economic recovery
The market is extending its losses after weakening Tuesday following a disappointing reading on consumer confidence. A new report showing durable goods orders rose in line with expectations in September had little effect on trading.
A disappointing earnings or economic report can give investors a reason to cash in some gains, but overall most signs point toward additional strengthening of the economy and market, Williams added.
Stocks are moving higher after a new report showed home prices rose for the third consecutive month in August
The gains came a day after investors uneasy about the strength of an economic recovery pummeled stocks for the second straight day and for the fourth time in the last five days.
Overseas, Asia markets fell overnight following declines Monday in the U.S. In Europe, markets have steadily advanced throughout the day.
The Standard & Poor’s/Case-Shiller home price index, which measures housing prices in 20 major metropolitan markets, rose 1 percent in August from July, marking the third straight monthly improvement.
Stocks rise as investors prepare for GDP and earnings reports
Stocks rose moderately in early trading Monday as investors brace for the government’s first reading on the economy in the third quarter later in the week and fresh earnings reports and debt auctions.
Overseas markets rose, bolstered by new signs economies in Asia are well on their way to recovery. South Korea reported its economy grew at its fastest pace in seven years.
Stocks are mixed as investors dismiss sharp rise in sales of existing homes; Amazon and Microsoft report strong earnings
Stock investors are dismissing a big jump in sales of existing homes last month as an aberration.
Stocks remain mostly lower Friday following a report that September home sales soared 9.4 percent, nearly double analysts’ forecasts. It was the highest level in more than two years as buyers raced to complete purchases before a tax credit expires.
The market is lower after a big spike Thursday and with little new information to trade on after a busy week of earnings. Strong profits from Amazon.com and Microsoft are drawing some buyers to tech stocks.
The Dow Jones industrial average is down 50 at 10,031. The Standard & Poor’s 500 index is down 5 at 1,088, while the tech-heavy Nasdaq composite index is up 9 at 2,174.