* Weak consumer sentiment data sparks concern
* Stocks drop more than 1 percent
* Boeing weighs on Dow; down 4 pct after production halt
* For up-to-the-minute market news click [STXNEWS/US]
(Updates with consumer sentiment data; changes quote)
By Angela Moon
NEW YORK, Aug 14 U.S. stocks fell more than 1
percent on Friday after a report showed consumer sentiment
weakened, while Boeing Co (BA.N), a Dow component, pressured
the index after flaws halted work on parts of its long-delayed
The Reuters/University of Michigan Surveys of Consumers'
preliminary August consumer sentiment reading was significantly
below the market forecast. (For details, see [nN14258383])
"Today's numbers were sort of a confirmation of yesterday's
weak numbers on retails," said Tim Ghriskey, chief investment
officer at Solaris Asset Management in Bedford Hills in New
"Nobody expects consumers to step up and lead us out of
recession ... but deterioration (like today) really has an
impact on the market."
The Dow Jones industrial average .DJI was down 136.87
points, or 1.46 percent, at 9,261.32. The Standard & Poor's 500
Index .SPX fell 15.43 points, or 1.52 percent, at 997.30. The
Nasdaq Composite Index .IXIC dropped 33.24 points, or 1.65
percent, at 1,976.11.
Boeing dipped 4 percent to $44.73 after the company said an
Italian supplier stopped production on two sections of its
long-delayed 787 Dreamliner after structural flaws were found
on fuselages. [ID:nLE480360]
Major retailer JC Penney Co Inc (JCP.N) fell 5 percent to
$31.72 despite reporting a narrower-than-expected
second-quarter loss. [ID:nN14262827].
Abercrombie & Fitch Co (ANF.N) was up 2.4 percent to $33.76
after reporting a quarterly loss and saying it was on track
with international expansion plans. [ID:nBNG450751]
Citigroup Inc (C.N) slipped 3 percent to $3.93, erasing
earlier gains, after Bank of America-Merrill Lynch Securities
upgraded the stock to "buy." [ID:nBNG160210]
The weak consumer sentiment report overshadowed other data
that showed U.S. industrial production rose more than expected
in July, beating the market forecast.
The S&P 500 is still up about 47.5 percent from its
closing-low set on March 9.
(Additional reporting by Ryan Vlastelica; editing by