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US futures swing lower to cap volatile week

Friday - 3/1/2013, 10:38am  ET

NEW YORK (AP) -- U.S. stock futures are falling as record-high unemployment in Europe compounds a sell-off in the U.S. that began late the previous trading day.

Dow Jones industrial futures are down 52 points to 13,986. The broader S&P futures have lost 7.4 points to 1,505.90. Nasdaq futures are down 11.25 points to 2,726.75.

U.S. markets have swung wildly this week, with huge gains Tuesday and Wednesday offsetting triple-digit loses to start the week.

On Friday, with the government releasing consumer spending figures, the $85 billion in automatic budget cuts go into effect as Washington finds itself mired in a political standoff.

Economists surveyed by FactSet forecast that consumer spending rose a seasonally adjusted 0.2 percent. Consumer spending drives about 70 percent of all U.S. economic activity.

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