NEW YORK, Oct. 30 (Xinhua) -- Wall Street plunged on Friday, erasing the big gains in the previous session, after a series of weak economic data.

    The U.S. Commerce Department reported Friday that spending by U.S. consumers fell 0.5 percent in September, which was the first decline in five months and in line with economists expectations.

Traders work on the trading floor of New York Stock Exchange in New York, the U.S., Oct. 30, 2009. Wall Street plunged on Friday, erasing the big gains in the previous session, after a series of weak economic data. (Xinhua/Shen Hong) Photo Gallery>>>

    Spending had jumped 1.3 percent in August, fueled by the government's Cash for Clunkers auto program.

    Personal income was flat in September compared with the previous month, also in line with economists' average forecast.

    The Reuters/University of Michigan final index of consumer sentiment decreased to 70.6 from 73.5 in September due to jobless concerns.

    Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan. However, reports said CIT may soon file for bankruptcy protection despite the bail.

Traders work on the trading floor of New York Stock Exchange in New York, the U.S., Oct. 30, 2009. Wall Street plunged on Friday, erasing the big gains in the previous session, after a series of weak economic data. (Xinhua/Shen Hong) Photo Gallery>>>

    The Dow Jones fell 249.85, or 2.51 percent, to 9,712.73. The Standard & Poor's 500 index dipped 29.93, or 2.81 percent, to 1,036.18 and the Nasdaq fell 52.44, or 2.50 percent, to 2,045.11.