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Stocks drop on consumer spending decline
NEW YORK, May 31 () -- U.S. markets closed lower Friday after the Commerce Department said consumer spending dropped slightly in April.Spending fell 0.2 percent, while economists had predicted a 0.1 percent rise. In addition, incomes were down in the month and disposable income was lower.It was the first decline in spending in almost a year.The Chicago Business Barometer -- which measures the industrial belt of Indiana, Illinois and Michigan -- jumped to an eight-month high in May, but that was not enough to stop the sell off on Wall Street.The week ended with the Dow Jones industrial average off 208.96 points or 1.36 percent to 15,115.57. The Standard & Poor's 500 index shed 23.67 points, 1.43 percent, to 1,630.74. The Nasdaq composite index dropped 35.38 points or 1.01 percent to 3,455.91.On the New York Stock Exchange, 474 stocks advanced and 2,621 declined on a volume of 4.1 billion shares traded.In Japan, the Nikkei 225 index gained 1.37 percent, 185.51, to 13,774.54.In Britain, the FTSE 100 gave up 1.11 percent, 73.90 points, to 6,583.09.The 10-year treasury fell 1/32 to yield 2.134 percent.Crude oil prices dropped $1.97 to settle at 91.64 a barrel on the New York Mercantile Exchange.NYMEX gold gave up $25 to reach $1,387 per troy ounce.On currency markets, the euro fell to $1.2996 from Thursday's $1.3049. Against the yen, the dollar was lower at 100.48 yen from 100.73 yen.