From AOL DAILY FINANCE:
The Standard & Poor’s 500 index lost 33 points, or 2.6 percent, and is now down 0.3 percent for the year. The Dow Jones industrial average fell 266 points, or 2.2 percent, and is now up just 2.5 percent for the year….
The Commerce Department reported that consumers cut their spending in June for the first time in nearly two years. Analysts had predicted a slight increase. Incomes also rose by the smallest amount since September, reflecting a weak job market.
The news came one day after a weak manufacturing report. And last Friday, the government said that in the first half of the year, the economy grew at its slowest pace since the recession ended in June 2009…
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