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By Patty Sharaf with Robert Scheer

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Stock Market Slumps on Consumer Spending Concerns

Posted on Jun 11, 2010
stock broker
AP / Seth Wenig

Daily grind: Trader Kevin K. Lodewick works on the floor at the New York Stock Exchange last month.

The news from Wall Street wasn’t great as the week wrapped up and trading shut down Friday, although it wasn’t bad across the board. The stock market took a tumble, registering ongoing worries about consumer spending trends, but hey, at least the technology sector was hanging in there.  —KA

The Wall Street Journal:

The Dow Jones Industrial Average slipped 48 points, or 0.5%, to 10124.65, hurt by declines in its consumer-oriented components. Home Depot dropped 2.4%, while Procter & Gamble fell 2% and Coca-Cola fell 1.2%.

The S&P 500 was off 0.3%. But the Nasdaq Composite Index managed a 0.3% gain.

The Commerce Department said retail sales fell 1.2% in May as consumers slowed their spending on cars, clothing and other goods. Economists were expecting a 0.2% increase. More encouragingly, the Reuters/University of Michigan consumer-sentiment survey rose to 75.5, above the 74 reading expected by economists.

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Ed Harges's avatar

By Ed Harges, June 12, 2010 at 9:20 am Link to this comment

Stock market gamblers reward companies for upping their so-called
productivity by eliminating jobs, and then they’re shocked and dismayed
when consumer spending falls.

Well, duh! Jobless people, and people who fear they may soon be jobless,
don’t spend money.

Who did these anti-worker capitalists think would be doing all that spending they
were hoping to see - visitors from outer space?

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By jack, June 11, 2010 at 8:39 pm Link to this comment
(Unregistered commenter)

the fall ain’t over and is probably unstoppable - the precipice: 9/11, the utmost in
insanity: the most heinous false flag provocation of all time, and like virtually the
entire nation, the punters in the trenches in Wall Street sucked up the propaganda,
returning daily to carry water for their masters - no doubt it’s all over now baby

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