News Summary: Stocks lower on weak spending report

AP News
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Posted: Jul 16, 2012 5:42 PM
News Summary: Stocks lower on weak spending report

NEW YORK (AP) — SUMMER SLUMP: Stocks fell for the seventh day out of the last eight, with industrial and consumer-oriented stocks down hard. Home Depot fell 1.2 percent and Lowe's Cos. lost 3.4 percent.

IT'S YOUR FAULT: The culprit was a government report that U.S. consumers pulled back on retail spending in June from the previous month. It was the third straight monthly drop, the first time that's happened since the fall of 2008 during the financial crisis.

WORRY OVERSEAS: Borrowing rates rose again for the governments of Italy and Spain. That means bond investors are leery of the finances of those countries. Stocks fell 2 percent in Spain and 0.4 percent in Italy.