Afternoon Markets: Dow drops as US personal income plunges

The Dow Jones has opened lower this morning following news US personal income has suffered the largest drop in four years.

It has sent the index 23.8 points (0.26%) down to 9,263, as the US Commerce Department reported the 1.3% June income decline. Miner Alcoa and oil giants Chevron and Exxon Mobil were among the top five losers, down 1.27% to $12.44, 0.92% to $69.75 and 0.78% to $70.10 respectively. However, mining supply company Caterpillar was the top rising stock, up 2.39% to $46.20. The income figures also revealed a 0.4% increase in US consumer spending in June, which sent shares in Coca Cola up 0.77% to $48.98, with McDonalds 0.54% higher to $55.43. In London the FTSE 100 has continued downwa...