Futures Lower; July Income, Spending Up
NEW YORK (TheStreet) -- Stock futures were pointing to a slightly lower open Monday after personal incomes and spending rose largely as expected in July and Japan's central bank opted to help bolster the economy by easing monetary policy in an emergency board meeting.
Futures for the Dow Jones Industrial Average were down by 31 points at 10,110 and were 26 points below fair value. Futures for the S&P 500 were lower by 3 points at 1061 and were 2 points below fair value, and Nasdaq futures were lower by 2 points and were 2 points below fair value.
Stocks rallied Friday after the downward revision to second-quarter economic growth wasn't as steep as feared and after Federal Reserve Chairman Ben Bernanke said the Fed is prepared to take action in support of economic growth if necessary.Feeling the pressure of its struggling economy and strong yen, Japan's central bank unveiled a new loan program that, combined with previous operations, now gives financial institutions access to a total of 30 trillion yen ($355 billion). Personal income rose 0.2% in July as expected, according to Briefing.com. while personal spending increased 0.4%, slightly outpacing the 0.3% growth that economists had been expecting. July's figures compare with flat incomes and spending in June.
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