Wall Street slides after weak consumer sentiment data

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By Angela Moon

NEW YORK (Reuters) - U.S. stocks fell more than 1 percent on Friday after a report showed consumer sentiment weakened, while Boeing Co , a Dow component, pressured the index after flaws halted work on parts of its long-delayed jetliner.

The Reuters/University of Michigan Surveys of Consumers' preliminary August consumer sentiment reading was significantly below the market forecast.

"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 York.

"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.

Major retailer JC Penney Co Inc fell 5 percent to $31.72 despite reporting a narrower-than-expected second-quarter loss.

Abercrombie & Fitch Co was up 2.4 percent to $33.76 after reporting a quarterly loss and saying it was on track with international expansion plans.

Citigroup Inc slipped 3 percent to $3.93, erasing earlier gains, after Bank of America-Merrill Lynch Securities upgraded the stock to "buy."

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 Jeffrey Benkoe)

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