Consumer spending dropped 7.5% in March, while personal income fell 2%.
Stocks opened in the red on the final day of April trading, in what's otherwise been an overall strong month of stocks. The Dow dropped 264 points for a loss of 1%, the S&P 500 shed 0.7%, while the Nasdaq Composite was flat. Jobless claims, which have now topped 30 million over the last six weeks, weighed on markets, as did a plunge in consumer spending and personal incomes in March.U.S. consumer spending dropped 7.
, bringing the total number to more than 30 million in a six-week period. The jump in unemployment claims wiped out the job gains made since the financial crisis as businesses are forced to shut down due to the coronavirus pandemic. "Bottom line … it's like banging your head against the wall and then having a headache," said Peter Boockvar of Bleakley Advisory Group in a note. "We don't need to analyze why you have a headache, only how long it lasts.
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