Wall Street capped a three-day gain Wednesday, as dismal economic data showed the U.S. economy was battered by the financial crisis.
The U.S. Commerce Department reported Wednesday that orders for durable goods dropped by 6.2 percent last month, more than double the three percent decline economists had expected.
Meanwhile, the Commerce Department also reported that consumer spending plunged by one percent in October, even worse than the 0.9 percent decline that had been estimated. The largest decline in consumer spending since the 2001 terrorist attacks worried investors, as the consumer spending accounted for two third of the nation's economy.
The Dow Jones fell 136.84 to 8,342.63. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 13.45 to 843.94; and the Nasdaq dipped 11.22 to 1,453.51.
Source:Xinhua
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