Boo! Stock Market Opens Lower Following Consumer Spending Report

Blame Halloween, the end-of-the-month blahs or this morning’s consumer spending report—huh, yesterday the GDP was down the same amount and the market still went up—but some mysterious forces have scared Wall Street into a selloff this morning.

AP: Wall Street is locking in some of the week’s big gains following a report that showed worried consumers are cutting back on their spending.

Modest selling early Friday comes as many investors are simply looking to put the worst month for the market in 21 years behind them. Heading into the session, the Standard & Poor’s 500 index was down 18.2 per cent; the index fell 21.8 per cent in October 1987.

The Commerce Department said personal spending fell by 0.3 per cent last month, the biggest decline since June 2004. Wall Street had expected consumers would pull back over worries about the economy…

The Dow Jones industrial average is down 46, or 0.51 per cent, at the 9,133 level. The S&P 500 index is off 0.46 per cent and the Nasdaq composite index is down 0.93 per cent.

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