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US stocks drop on weak economic data

Published on Sep 29, 2012 7:45 AM

NEW YORK (AFP) - United States (US) stocks were stuck in the red on Friday, the last trading day of the third quarter, after disappointing business activity and consumer spending reports fueled concerns about the economy.

The major indices closed off the worst levels of the day after results of Spain's bank stress tests were basically in line with expectations, analysts said.

The Dow Jones Industrial Average fell 48.84 points (0.36 per cent), finishing at 13,437.13.

The S&P 500-stock index lost 6.48 (0.45 per cent) at 1,440.67 and the tech-rich Nasdaq Composite shed 20.37 (0.65 per cent) at 3,116.23.

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