U.S. stock market weakened again due to negative sentiment from the energy sector. However, the share of consumption sectors, including tobacco listed issuers have increased. Shares of Coca-Cola Co. and Procter & Gamble Co. are two of the Dow Jones Industrial issuers that registered a significant increase. Coca-Cola rose 1.6 percent to USD51, 08 and P & G rose 1.4 percent to $ 60, 62.
Sektior consumption shares rose after the government said personal spending rose above expectations in the period May Whereas, in April earlier this data was recorded flat.
Meanwhile, stock prices of tobacco companies have rallied after the U.S. Supreme Court rejected the U.S. government’s efforts to obtain compensation fund from losses that arise from the tobacco industry. Altria Group Inc. climbed 3.3 percent to $ 20, 34 and Reynolds American Inc. jumped as much as 4.1 percent to USD53, 45. Then, the Dow Jones index Tobacco (DJUSTB) rose to 1.8 percent.
However, market participants apparently still waiting for further proof that consumer spending which accounts for two-thirds of economic activity will be able to show greater strength and encourage broad-based growth.
“These data have prompted market expectations towards a more positive direction that the recovery of good production, and eventually will encourage improvement in the rate of the economy,” said co-chief investment officer of OakBrook Investments LLC, Peter Jankovskis in Lisle, Illinois.
Dow Jones Index fell 5.29 points, or 0.05 percent to 10138.52. While Standard & Poor’s index slipped 2.19 points, or 0.2 percent to 1074.57 as well as the Nasdaq composite index fell 2.83 points, or 0.13 percent to 2220.65
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