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Friday
Feb102012

US Markets Lower at Close; Home Prices Hurt Consumer Spending

Medioimages/Photodisc/Thinkstock(NEW YORK) -- Concern about the future of debt stricken Greece weighed on stocks Friday. There were clashes in the streets of Athens and the prime minister warned default would lead to chaos.  

The Dow lost 83 points, while the S&P closed down 9 points and the Nasdaq slid 23.

Meanwhile, Federal Reserve Chairman Ben Bernanke says declines in home prices have hurt consumer spending and could weigh on the economy for years. He told the National Association of Home Builders the drop in housing wealth may be causing a $200 to $375 billion dollar a year reduction in consumer spending. Bernanke adds that he sees no silver bullet to remedy the situation.

Copyright 2012 ABC News Radio







ABC News Radio