US stocks close lower amid economic data

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New York, May 31 (IANS) US stocks closed lower as investors were digesting the latest economic data from the country.

The Dow Jones Industrial Average on Tuesday lost 50.8 points, or 0.24 per cent, to 21,029.47, Xinhua news agency reported.

The S&P 500 erased 2.91 points, or 0.12 per cent, to 2,412.91. The Nasdaq Composite Index was down 7.00 points, or 0.11 per cent, to 6,203.19.

Personal income increased by 0.4 per cent in April, according to estimates released on Tuesday by the US Commerce Department, in line with market expectations.

The personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, rose 0.2 per cent, higher than market consensus of 0.1 per cent gain.

US home prices rose slightly below expectations for the month of March, according to new data from the S&P/Case-Shiller US National Home Price Index. But the gains were enough to reach a 33-month high.

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The Conference Board Consumer Confidence Index stands at 117.9 in May, down from 119.4 in April and missing market consensus of 119.0.

Moreover, Dallas Fed President Robert Kaplan said on Tuesday that he sees US economic growth to remain near two percent and not the three per cent or more forecast by the Donald Trump administration.

“The problem is labor force growth is very sluggish… It’s going to continue to be sluggish the next 10 years because the population is aging and labor force growth therefore is slowing,” he said.



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