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Author
Associated Press
Date
August 30, 2013

Stock futures edge up as weak August nears end

NEW YORK (AP) — U.S. stock futures are rising slightly on the last trading day of an August that has seen declines in major indexes.

Dow Jones industrial futures are up 4 points to 14,838. The broader Standard & Poor’s 500 futures are up 3.9 points to 1,639. Nasdaq futures are up 5.5 points to 3,095.

The Dow has lost 659 points so far in August, a 4 percent decline.

Investors are weighing a weak government report on July consumer spending.

The Commerce Department said Friday that U.S. consumers barely increased their spending in July after their income grew more slowly, held back by steep government spending cuts that reduced federal workers’ salaries.

Wall Street is also awaiting further news on the potential for military intervention in Syria.

The Dow gained 64 points Wednesday and Thursday, not nearly enough to make up for its 170-point loss Tuesday as tensions over Syria rattled markets.

The price of oil fell to near $108 a barrel Friday after British lawmakers refused to approve military action against Syria, easing concerns about international intervention in the country’s civil war.

Overseas, uncertainty over a Syrian military intervention and a continued high unemployment rate drove European markets down Friday.

Japan’s index also fell after data showed manufacturing in the country was rebounding less strongly than expected. Other Asian markets showed small gains.

U.S. markets will be closed Monday for the Labor Day holiday.

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