US markets drops further

CNBC's Mary Thompson - Stocks dropped with the second session in a row its weakness in tech and financial shares overshadowed a strong report on consumer spending. The Dow fell 120 points to 12302, the S&P 500 dropped 15 and the Nasdaq lost 44 points.

The markets did open higher after the government reported consumer-spending rose more than expected 2.3% in the fourth quarter. But those gains quickly turned to losses on disappointing news from a couple of tech bellwethers and for the weakness in financials. Banks and brokers dropping after more analysts got their profit outlooks for these firms.

Energy stocks finished higher as oil rose more than a dollar and the food giant ConAgra rose on better than expected profits.
 
Wall Street Action:

• Weakness in tech & financial shares overshadow strong report on consumer spending
• Dow falls 120 pts to end at 12,302, S&P 500 drops 15 pts and Nasdaq loses 44 pts
• Q4 Consumer spending rises more than expected to 2.3%
• Banks & brokerages drop after analysts cut profit outlook for these firms
• Crude rises more than a dollar, tops $107/bbl