The decline of personal income overshadowed a better-than-expected reading of University of Michigan consumer sentiment index.
The U.S. Commerce Department reported that personal incomes fell 0.7 percent in July. It was the first decrease since August 2005 and worse than the 0.1 percent decrease that analysts had expected. Meanwhile,coach handbags, consumer spending rose a modest 0.2 percent, in line with previous estimates. But the reading increased 0.6 percent in June.
Photo taken on July 29, 2008 shows traders working at the New York Stock Exchange in New York.
The Dow Jones fell 171.22,abercrombie and fitch paris, or 1.46 percent, to 11,moncler,543.96. Broader indexes also traded lower. The Standard & Poor's 500 index dipped 17.85,abercrombie and fitch, or 1.37 percent, to 1,abercrombie,282.83; and the Nasdaq fell 44.12,moncler, or 1.83 percent,abercrombie paris, to 2,doudoune moncler,367.52
Lower-than-expected earnings from Dell dragged down technology-heavy Nasdaq. Dell fell 14 percent, after the company's profit margins came in well below what analysts had expected due to the decrease of product prices. Meanwhile,louboutin, analysts from Citigroup and Bank of America cut target price for the world's second-largest personal-computer maker.
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