Stocks open flat; consumer spending falls

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Associated Press

Posted on November 30, 2012 at 12:00 PM

Updated Friday, Nov 30 at 12:02 PM

NEW YORK (AP) — Stocks are opening relatively flat in early trading on Wall Street after a government report showed that consumers cut back on spending last month.

The Dow Jones industrial average is up six points at 13,028 shortly after the opening bell.

The Standard & Poor's 500 index are down 0.2 points at 1,416 and the Nasdaq composite are up 0.7 points to 3,013.

Americans cut back on spending last month and saw no growth in their income, reflecting disruption from Superstorm Sandy that could hold back economic growth in the final months of the year, the Commerce Department said Friday.

Consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May. Income was flat in the month.

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