Business

Wall Street Market Report

(Close): Leading US shares rose slightly on Friday, despite figures showing a drop in consumer spending for the first time in a year.

Spending, which accounts for 70% of overall economic activity, fell 0.1% in April, the Commerce Department said. Spending rose 1% in March.

The Dow Jones rose 18 points, or 0.1%, to 16,717.17, a new record high, while the Nasdaq was up 0.4%.

Technology groups Intel and Microsoft led the way up, both rising about 1.5%.

Outside the main index, shares in Lions Gate Entertainment slumped 12% after the group reported disappointing results, while shares in fashion retailer Express fell 7% after first quarter earnings fell sharply.