Budget battles weighs on stocks...Consumer spending ticks up...Consumer confidence ticks down

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Associated Press

Posted on September 27, 2013 at 10:02 AM

NEW YORK (AP) — The cross-stepping on Capitol Hill over a budget agreement has the stock market on the slide this Friday morning. The Dow was down about 100 points in the first hour of trading, while the broader indexes were also seeing steep losses.

WASHINGTON (AP) — Americans increased their spending slightly last month while income grew at the fastest pace in six months. The Commerce Department says consumer spending rose 0.3 percent in August, up from a 0.2 percent gain in July. Meanwhile, income rose 0.4 percent in August.

WASHINGTON (AP) — Washington's latest confrontation over the federal budget appears to be weighing on consumer confidence. The University of Michigan says its final reading of consumer sentiment this month dropped to 77.5 from 82.1 in August. Besides the budget battle, the survey finds Americans were more pessimistic about the economy and their own finances.

PLANO, Texas (AP) — J.C. Penney is planning a public offering of 84 million shares that it expects will raise more than $810 million. The company is trying to recover from a failed turnaround attempt and reassure the market about its financial stability. J.C. Penney shares are down more than 8 percent in morning trading.

WASHINGTON (AP) — Airline passengers still have to turn off their smartphones, tablets and other personal electronic devices during takeoffs and landings, but the Federal Aviation Administration is getting closer to easing those restrictions. Industry officials say an advisory panel voted to recommend the change during a closed-door meeting yesterday. The recommendation is expected to be sent to the FAA on Monday. Even with the changes, downloading data, surfing the Web and talking on the phone would still be prohibited.

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