Stocks fall; Investors worry about weak US consumer spending as holiday shopping season begins

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Specialists Joe Parisi, left, and Michael Cacace work at a post on the floor of the New York Stock Exchange Tuesday, Dec. 3, 2013. Stocks are opening lower on Wall Street as investors hold back ahead of economic reports that could influence when the Federal Reserve will start reducing its stimulus. (AP Photo/Richard Drew)

NEW YORK, N.Y. – 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 per cent, to 15,883 as of noon (1700 GMT) Tuesday.

The Standard & Poor’s 500 index fell nine points, or 0.5 per cent, to 1,791. The Nasdaq composite fell 14 points, or 0.4 per cent, 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 per cent, to $45.45, one of the worst declines in the S&P 500 index. Amazon.com fell $8.30, or 2 per cent, to $3.84.

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

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