- Gentlemen, start your drones: Judge’s ruling opens door for commercial use
- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
- ‘In Jesus name, we pray’ sparks ire at Ohio council meeting
- Navy’s first laser weapon ready for prime time; drone killer to deploy this summer
- Billionaire backer: Rick Santorum ‘needs to be heard’ in 2016
- Obamacare fallout: 49 percent pessimistic; 45 percent ‘scared’
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- Seattle socialist: Minimum-wage discussion skewed by ‘right-wing’ GAO analysis
Dow, S&P 500 slip as Spain enters recession
NEW YORK — News that Spain’s economy entered another recession renewed worries about the fragility of Europe’s finances Monday and nudged stocks lower. The market ended its first losing month this year.
The Standard & Poor’s 500 index slipped 5.45 points to close at 1,397.91. For April, it was down 0.8 percent, its first month in the red since November.
The Spanish government said that the country’s economy shrank in the first three months of the year, the second straight quarter of contraction.
The worry is that Spain’s heft could make it difficult to rescue. Its economy is roughly twice the size of the three other countries that have tapped the European Union for bailout loans added together — Greece, Portugal and Ireland.
In the U.S., a drop in an index of Midwestern manufacturing and a slowdown in consumer spending last month added to worries that the economy is losing steam.
The Institute for Supply Management said its Chicago business barometer fell in April to the lowest level in more than two years. Coming after two other weak readings for the regions around New York and Philadelphia, the market reaction to the Chicago report could have been much worse, said Clark Yingst, chief market analyst at the brokerage Joseph Gunnar.
“It’s very bad news in my opinion,” Yingst said. “I’d have thought the market would come under more pressure than it has.”
The Dow Jones industrial average slipped 14.68 points to close at 13,213.63, narrowly avoiding its first monthly loss since September. The Nasdaq composite fell 22.84 points to 3,046.36. It posted a monthly loss of 1.5 percent.
The dollar and U.S. Treasury prices edged up as investors parked money in low-risk assets.
Ratings agency Standard & Poor’s downgraded Spain’s government debt to just three notches above junk Friday. On Monday S&P lowered its rating for 11 Spanish banks, which are loaded with bad debt from a collapsed housing market.
Among stocks making big moves:
• Barnes & Noble jumped 52 percent on news that it will team up with Microsoft to house the digital and college businesses of the bookseller and create a Nook application for Windows 8. The companies said they may separate those businesses entirely. That could mean a stock offering, sale, or some other kind of deal. Microsoft’s stock was flat.
• Health insurer Humana fell 8 percent to after reporting a large drop in first-quarter profit as the company paid out more in claims. The results fell short of Wall Street’s expectations.
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- Bill Clinton cashes in on struggling nonprofit hospital
- Paul takes veiled shot at Cruz, says GOP must focus on growth
- Bill Clinton poses for photo with Bunny Ranch prostitutes
- VIDEO: Emily Miller on Fox Business "The Independents" special "The Gun Show"
- Obama engages in Ukraine diplomacy from Fla. resort as Russia digs in
- Stolen European passports on Malaysian Airlines Boeing 777
- Gates: Obama strategy won't stop Putin
- CPAC 2014 straw poll results
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again