Stocks slip on Fed, US consumer worries

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Associated Press

Posted on December 3, 2013 at 1:02 PM

Updated Tuesday, Dec 3 at 2:01 PM

NEW YORK (AP) — Stocks are falling on Wall Street as investors worry about the Federal Reserve winding down its economic stimulus program and weak consumer spending in the U.S.

The Dow Jones industrial average lost 124 points, or 0.8 percent, to 15,883 as of noon Eastern time Tuesday.

The Standard & Poor's 500 index fell nine points, or 0.5 percent, to 1,791. The Nasdaq composite fell 14 points, or 0.4 percent, to 4,031.

Companies that depend heavily on consumer spending had some of the biggest losses. GameStop, the video game retailer, sank $1.52, or 3 percent, to $45.45, one of the worst declines in the S&P 500 index. Amazon.com fell $8.30, or 2 percent, to $3.84.

The Dow is headed for its first three-day losing streak in two months.

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