Indices closed in the red zone Monday. Bank of America, Caterpillar, General Electric, and Procter & Gamble led decliners on the Dow. Brands finished slightly lower amidst news of a recession in Spain and forecasts of increasing euro zone unemployment as well as mixed economic data stateside. Consumer spending growth took a breather in March. The Commerce Department said spending edged up 0.3% last month, this was less than an expected 0.4% jump. Meanwhile, consumer income rose 0.4% in March, exceeding an expected 0.3% rise. In February, spending and income increased by an upwardly revised 0.9% and 0.3% respectively. On another note, Chicago-region business activity dipped this month. The Institute for Supply Management Chicago’s purchasing managers index hit 56.2 in April, down from 62.2 in March. Economists had anticipated a reading of 61. Elsewhere, crude oil shed 60 cents to settle at $104.87 a barrel.
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