Stocks dip on economic concerns

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By Associated Press

NEW YORK (AP) — Stocks retreated in morning trading Tuesday as investors turned their attention to more signs of weakness in the U.S. economy and poor corporate earnings reports.

The Commerce Department reported that consumers cut spending in June by the biggest amount 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 S&P index fell 15 points, or 1.2 percent, to 1,271. The Dow Jones industrial average lost 111 points, or 0.9 percent, to 12,021. The Dow was headed for its eighth straight day of losses. The Nasdaq composite fell 26, or 0.9 percent, to 2,719.

Pfizer Inc. fell more than 2 percent after the drugmaker said that its second-quarter revenue was slightly below analysts' expectations. Archer Daniels Midland Co dropped nearly 4 percent after the company said that it missed Wall Street's profit forecasts. High-end retailer Coach Inc. lost nearly 6 percent after it narrowly missed analyst's profit projections.

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