Stock indexes dip on storm concerns

NEW YORK, Aug. 29 (UPI) -- U.S. stock indexes shuffled through a relatively slow, mostly negative session Friday heading into the Labor Day weekend.

Oil prices wound up about even for the day.

Traders kept a wary eye on the Gulf of Mexico and Tropical Storm Gustav, which was headed toward the heart of gulf offshore oil installations. Evacuation plans were being readied. Forecasters expect the storm to reach the area Tuesday.

The Dow Jones industrial average lost 171.22 points, or 1.5 percent, and closed at 11,543.96. The Standard & Poor's 500 fell 17.85 points, or 1.4 percent, to 1,282.83.

The Nasdaq composite lost 44.12 points, or 1.87 percent, to 2,367.52.

Crude oil futures for December delivery wound up the day almost even at $117.57 a barrel.

The dollar was mixed against major rivals. The euro fell to $1.4668, down from $1.4696 Thursday. Against the Japanese currency, the dollar fell to 108.82 yen, compared to 109.55 yen.

Treasury prices were down in a holiday-shortened trading session. The benchmark 10-year note was off 10/32 to yield 3.827 percent.

Consumer spending slowed in July but personal consumption went up, the U.S. Commerce Department said. Personal consumption increased by 0.2 percent and spending was up 0.6 percent.

Overseas, Tokyo's Nikkei 225 closed up 304.63 points at 13,072.87. London's FTSE was up 0.6 percent to 5,636.60.