US stocks dip after surprise fall in consumer spending

US markets dipped at opening on Friday following worse-than-expected consumer spending, rounding off a down week which has seen some of the heat come out of equities.

The Dow opened down 48 points or 0.3%, at 15,275, while the S&P 500 was off 0.3% at 16,47 initially, before recovering most of the lost ground. Earlier, futures had pointed down after data showed US consumer spending fell in April, for the first time in nearly a year. The Department of Commerce said consumer spending dropped 0.2% in April, well below expectations of a 0.1% rise. Consumer spending is vital in the US where it accounts for about 70% of US economic activity. Spending was held back by weaker demand for utilities and less money being spent on petrol, following a fall ...