Stocks Mixed On Consumer Spending, Sentiment Data

May 30, 2014 4:32 pm  |  Comments: 0  | Views: 3184
    
Stocks Mixed On Consumer Spending, Sentiment Data

Stocks were mostly unchanged Friday as investors reacted to two negative economic reports that focused on U.S. consumers. Lions Gate Entertainment plunged more than 10 percent after the film studio known best for “The Hunger Games” reported a steep drop off in quarterly income.

KEEPING SCORE: The Dow Jones industrial average lost 18 points, or 0.1 percent, to 16,680 as of 12:05 p.m. Eastern. The Standard & Poor’s 500 index was up a point to 1,921 and the Nasdaq composite lost two points, or 0.1 percent, to 4,246.

NO SALE: Consumer spending unexpectedly fell 0.1 percent in April, according to the Commerce Department. The drop was the first in a year, but economists expect it to be temporary.

In a separate report, the University of Michigan’s consumer sentiment index fell more than analysts were expecting. The index fell to 81.9 in May from 84.9 in April. Economists had expected 82.8.

“The reports were lackluster at best,” said Karyn Cavanaugh, a market strategist with Voya Investment Management, formerly known as ING Investment Management.

MAY GOES AWAY: Friday is the last trading day of May, which has been a relatively strong month for markets. The S&P 500 is up 1.8 percent, which would be its best month since February. The Nasdaq is up 3.2 percent and the Dow is up 0.5 percent.

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