Wall street gears for 1st monthly loss in five months

Wall Street gears up for the first monthly loss in after five months as reports of a stalled economy and stress coming from Europe weaken sentiment. Spain sank into recession in the first quarter and economists said spending cuts aimed at meeting strict EU deficit limits would delay any return to growth until late this year or beyond. Meanwhile, business activity falls sharply in the Midwestern region during April, suggesting the economy entered the second quarter with lesser momentum. Consumer spending too grows slower than market expectations.