U.S. stocks fell Friday due to disappointing data on Consumer Spending, data showed that Consumer Spending in the month of July only grew 0.1% when it was supposed to grow 0.3%. Consumer spending is really important to the economy because it makes up 70% of the economy, thus when consumer spending is low it implies that consumer’s aren’t spending a lot and there’s low confidence in the market which scares investors and causes the stock market to decline.
Another reason the market declined today was because now there’s the possibility of U.S. and maybe allied with France to go into war with Syria. Investors are scared that history might repeat itself with the Iraq War and doesn’t want the country including majority of Americans do not want the country to go into war, again.
The S&P 500 (SPX) dropped 0.3 percent to 1,632.97 at 4 p.m. in New York, extending its decline in August to 3.1 percent. The Dow Jones Industrial Average fell 30.64 points, or 0.2 percent, to 14,810.31. U.S. exchanges are closed Sept. 2 for the Labor