Stocks Opened Lower; US Consumer Spending Rose

U.S. stocks opened lower on Friday, taking a pause after two straight days of big gains. The Dow Jones Industrial Average lately lost 40.66 points, or 0.24%, to 16,614.11. The S&P 500 was down 1.74 points, or 0.09% , to 1,985.92. The Nasdaq Composite was up 0.07 point, to 4,812.78.

U.S. consumer spending picked up a bit in July as households bought more automobiles. The Commerce Department said on Friday consumer spending increased 0.3 percent after an upwardly revised 0.3 percent rise in June.

The US trade deficit in goods narrowed in July to $59.1 billion from $62.2 billion a month earlier, according to data issued by the Commerce Department on Friday.

China’s largest banks warned of a tough year after posting their weakest half-yearly profit growth in at least six years as a slowing economy forces the lenders to make even more provisions for soured loans and squeezes interest income.

The Pentagon is teaming up with Apple, Boeing, Harvard and others to develop high-tech sensory gear flexible enough to be worn by people or molded onto the outside of a jet.

Mylan NV shareholders on Friday backed the drugmaker’s hostile bid for Perrigo Co , allowing it to launch a tender offer for the company’s shares in the next few weeks.

Scotiabank (TSX:BNS) is raising its dividend following a third quarter that showed increased underlying profits from personal and commercial banking operations in Canada and abroad but weaker results from its investment banking division. Its quarterly dividend will rise by three per cent to 70 cents per share, up two cents, starting with the Oct. 28 payment.