NEW YORK (AP) — Stocks are closing lower, with investors too worried about gas prices and unemployment to be impressed by news that consumer spending is up.
The Dow Jones industrial average is down 107 points to 13,001. The Standard & Poor’s 500 is down 11 to 1,399. The Nasdaq composite is down 32 to 3,049.
The government says consumer spending rose in July, but unemployment claims show no improvement and average gas prices are up to $3.83 per gallon.
Trading is light, with no major economic news and many investors on vacation until after Labor Day. On the New York Stock Exchange, 2.4 billion shares traded hands. The average daily volume so far this year is about 3.7 billion.
For every two stocks that went up on the NYSE, another five went down.