Stocks slip near end of gloomy month
Stocks decline after a slew of economic readings, as one of Wall Street's worst months ever nears conclusion.
NEW YORK (CNNMoney.com) -- Stocks slipped Friday morning as investors eyed a wave of economic reports and opted to step back near the end of one of the worst months ever on Wall Street.
The Dow Jones Industrial average (INDU) and the Standard & Poor's 500 (SPX) index each lost about 0.4%. The Nasdaq composite (COMP) lost 1%.
By Thursday's close, the S&P 500 had plunged 204.8 points, or 18.2%, for the month. It's the eighth-worst month ever on a percentage basis for the S&P 500, and the worst month on a point-decline basis.
A significant decline in Halloween trading could push the S&P 500 further into historically low territory.
Economy: The U.S. government issued a slew of reports before the market open.
The Labor Department announced that the employment cost index rose 0.7% in the third quarter, matching economist projections. The Commerce Department reported that personal income rose 0.2% in September while personal spending fell 0.3%. Economists had expected a 0.1% rise for personal income, and a decline of 0.2% for personal spending, according to consensus provided by Briefing.com.
Shortly after the market open, comes the Chicago PMI, a regional manufacturing survey.
The wave of economic data come a day after the government reported that the economy shrank in the third quarter.
Companies: Google (GOOG, Fortune 500) and Yahoo (YHOO, Fortune 500) may be in focus after the Wall Street Journal reported that an ad search agreement reached between the two firms is in jeopardy.
World markets: Overseas markets mostly fell. Japan's Nikkei tumbled 5% after the Bank of Japan made a smaller-than-expected rate cut. European markets mostly declined in morning trading.
Dollars and oil: The dollar gained versus the euro and the British pound but fell against the yen. Oil prices declined $2.15 to $63.81 a barrel in electronic trading. 
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