Scoreboard: Oil bounce

Wall Street wavered as investors digested weak consumer spending data, corporate results and European political developments, while oil prices pushed higher.

In US economic data the ISM manufacturing index fell from 55.1 to 53.5 in January, below forecasts centred on a result near 54.5. Personal income rose by 0.3 per cent in December (ahead of forecasts tipping a 0.2 per cent gain) with consumption down by 0.3 per cent -- the largest drop in spending since September 2009. Construction spending rose by 0.4 per cent in December, short of forecasts tipping a 0.7 per cent gain. 



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