Demand slows as April spending falters and orders drop
Americans pulled back in April with consumer spending rising 0.4 percent, the slowest in nine months, while orders to U.S. factories for costly manufactured goods fell 6.4 percent to 205.6 billion. Electronics led the drop, as sentiment shifted to a cooling of the booming economy amid rate hikes by the Federal Reserve.
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Stocks end session with narrow losses
Wall Street closed slightly lower as investors awaited Memorial Day weekend and reeled from signs of slowing economy. Dow fell 24.68 to 10,299.24 while Nasdaq slipped to 3,205.11 as technology and financial shares wavered amid doubts about Goldman Sachs earnings and Microsoft remedies.
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Plan to Split Microsoft Refined for Antitrust Remedy
The Justice Department refined a plan to split Microsoft into two parts as a legal remedy for antitrust violations. The final version mirrors the last month’s submission by the department and 17 states, with a Wednesday deadline for Microsoft to respond and Judge Jackson could issue a final order soon.
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Durable goods orders plunge in April as electronics slide
U S factory orders for big-ticket durable goods fell 6.4 percent in April, the steepest drop since 1989, led by a record decline in electronics including semiconductors and circuit boards. Transportation gear also fell while industrial machinery rose 2.2 percent.
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