U.S. stocks open lower on dim consumer spending data
U.S. stocks opened lower on Monday as consumer spending rose on worries about the deteriorating economy.
The Dow Jones Industrial Average plunged 0.85 percent, or 67.7 points to 7,933.16 at 10:10 a.m. The Standard & Poor’s 500 index fell 6 points, or 0.73 percent to 819.88, while the Nasdaq rose 4.19 points, or 0.28 percent to 1,480.61
Consumer spending dropped for the sixth straight month in December to 1 percent, the U.S. Commerce Department said Monday.
Mattel Inc, the world's top toy company, reported a nearly 50 percent decline in its quarterly profit, hit by a strong dollar and weak holiday season sales.
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