Weak open on Wall Street as Spain enters recession
ASSOCIATED PRESS April 30, 2012 8:58AM
Specialists Peter Giacchi, left, and John Parisi confer on the floor of the New York Stock Exchange Wednesday, April 25, 2012. U.S. stocks were headed for a neutral opening, with Dow Jones industrial futures nearly unchanged. (AP Photo/Richard Drew)
Updated: April 30, 2012 8:48PM
NEW YORK — Stocks are opening slightly lower on Wall Street on news that Spain’s economy entered another recession.
The Dow Jones industrial average edged down seven points to 13,222 shortly after the opening bell Monday.
The Standard & Poor’s 500 index fell four points to 1,399 and the Nasdaq composite fell seven to 3,062.
Stocks were also being held back by a report that consumer spending growth slowed in the U.S. last month.
European markets were mainly lower over growing concerns about Spain.
The Spanish government said that country’s economy shrank 0.3 percent in the first three months of the year, the second straight three-month period of contraction. It’s the second recession in three years for Spain.
Stocks were off nearly one percent in Spain and just over one percent in France.