Dow, S&P 500 slip as Spain enters recession

By MATTHEW CRAFT,AP Business Writer Updated at 2012-04-30 20:34:44 +0000


NEW YORK (AP) — Renewed worries about the fragility of Europe's finances are helping to drive stocks lower.

The Spanish government said Monday that its economy shrank in the first three months of 2011, putting one of the largest economies in Europe into a recession.

In the U.S., a drop in Midwestern manufacturing and a slowdown in consumer spending added to concerns that the economy is losing steam.

The Standard & Poor's 500 index fell five points to 1,398. The benchmark lost 0.8 percent in April, its first monthly drop since November.

The Dow Jones industrial average slipped 15 points to close at 13,214. The Nasdaq composite fell 23 points to 3,046.

Three stocks fell for every two that rose on the New York Stock Exchange. Trading volume was light at 3.4 billion.