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The Boston Globe

Business

Disappointing reports help push US stocks down

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Disappointing reports about the US economy helped push the market lower Friday. Concerns that the Federal Reserve could unveil plans to cut back its stimulus program next week also weighed on investors. Confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey. Another report said factories weren’t as busy as expected. The International Monetary Fund offered no help, either; it said US government spending cuts have slowed the economy. Fed policy makers will start a two-day meeting Tuesday to discuss the central bank’s next steps.

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