Markets: Shares dip despite Barnes and Noble surge
Data showing lower-than-expected rise in consumer spending in March dampens sentiment on Wall Street.
US indices ended a week of modest upward movement overnight as lower-than-expected consumer spending figures for March dampened sentiment and more than offset a major surge by book retailer Barnes & Noble.
The firm recorded a rise of no less than 90 per cent after it announced that it had agreed to a $300m deal with software company Microsoft to set up an eBook joint venture that would directly compete with Amazon.
However, benchmark indices dipped overall and in the process crystallised aggregate losses for April on the back of weak figures that showed US consumer spending had risen by just 0.3 per cent in March. Analysts had been predicting a 0.4 per cent rise.
The S&P 500 was 0.4 per cent down for the day, shedding five points to 1,397, while the Dow Jones Industrial Average dropped 0.1 per cent and 15 points to 13,213. The Nasdaq Composite lost 0.7 per cent as it fell 23 points to 3,046.