NEW YORK -- U.S. stocks are closing sharply lower as lackluster news about the economy and declines in airline stocks weigh on the market.
The Dow Jones industrial average fell by more than 100 points for the second straight day today. It ended down 109 points, or 0.7 percent, to 16,734. The Standard & Poor’s 500 index fell 13 points, also 0.7 percent, to 1,930. The Nasdaq dropped 34 points, or 0.8 percent, to 4,297.
Consumer spending rose 0.3 percent last month, the government said today, just shy of the 0.4 percent increase that economists expected.
Energy stocks rose on fears that insurgent victories in Iraq could disrupt global oil supplies.
Higher crude prices helped push down airline stocks. Delta Air Lines fell 5.4 percent, the most in the S&P 500 index.