Wall Street Flat After Consumer Spending and Concern Over a 'Fiscal Cliff' Deadlock

Category: Markets / Finance / Nov 30, 2012 12:14PM EDT
Wall Street opened flat on Friday (November 30), amid caution ahead of a statement from U.S. President Barack Obama on the progress of budget talks in Washington that have fueled volatility and nervousness in the financial markets. Consumer spending fell in October for the first time in five months and income growth stalled, leading some economists to cut already weak estimates of fourth-quarter economic growth. The Dow Jones industrial average gained 5.45 points, or 0.04 percent, to 13,027.27. The Standard & Poor's 500 Index dropped 0.51 points, or 0.04 percent, to 1,415.44. The Nasdaq Composite Index gained 0.07 points, or 0.00 percent, to 3,012.10.