Oct 30, 2009

U.S. Stocks Fall, Extend Weekly Drop, on Personal Spending Data

By Rita Nazareth

Oct. 30 (Bloomberg) -- U.S. stocks fell, extending a second straight weekly drop for the Standard & Poor’s 500 Index, after consumer spending dropped for the first time in five months. The dollar and Treasuries gained, while commodities decreased.

American Express Co. and Home Depot Inc. declined after Commerce Department figures showed a 0.5 percent decrease in purchases last month. MetLife Inc. tumbled 4.7 percent after the biggest U.S. life insurer posted a third straight loss. The S&P 500 retreated after surging the most since July yesterday as the government said the economy returned to growth following the worst contraction in seven decades.(Read more...)
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