Markets drop on weak consumer spending data

The Dow Jones is on course for its eighth consecutive day of losses following weak consumer spending figures.

On the opening bell the index slipped 0.65% or 79 points to 12,053, after data released from the Department of Commerce revealed consumer spending had stalled to its lowest point in nearly two years. It follows poor manufacturing data released yeterday afternoon which sparked fresh worries over the health of the US economy. The news overshadowed yesterday's historic agreement between Democratic and Republican parties' to raise the nation's debt ceiling by up to $2.4trn. The S&P 500 is also down, declining 0.59% or 8 points to 1,279. In London, the FTSE 100 has slipped 0.76% or 4...