Dow slips as savings rate leads to spending worries


A bigger-than-expected jump in the rate at which Americans are saving money led some investors to wonder where future consumer spending growth will come from. Trimming their expectations for economic growth, they pushed stocks down, and the Dow Jones industrial average fell 34 points, or 0.4 percent, to 8,439.

More saving means more deposits for banks, and JPMorgan Chase (JPM) and Bank of America (BAC) both climbed today. But because it also means less spending, it wasn't surprising that American Express (AXP) was among the 19 Dow component stocks that fell on the day.

For more stocks making moves, be sure to check out BloggingStocks' market wrap-up.