Averages Lower on Poor Consumer Spending Reports
(NEW YORK) -- Sobering economic reports triggered another gloomy day on Wall Street.
Americans cautious from the weak job market cut their spending at retailers for a third straight month. Retail sales fell five-tenths of a percent in June. They haven't fallen for three straight months since 2008, at the height of the financial crisis.
The Dow lost 50 points to close at 12,727. Nasdaq closed down 12 points, and the S&P was off three points at the close.
Company stocks that rely heavily on consumer spending were among the weakest Monday.
Additionally, a new survey of business economists finds less evidence of hiring. Economists are increasingly concerned about short-term growth and the potential impact of Europe's financial crisis on the U.S.
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