U.S. stocks trade lower after record session

NEW YORK, Jan. 29 (Xinhua) -- U.S. stocks traded lower after hitting record highs in the previous session.

At midday, the Dow Jones Industrial Average lost 65.19 points, or 0.24 percent, to 26,551.52. The S&P 500 decreased 8.44 points, or 0.29 percent, to 2,864.24. The Nasdaq Composite Index was down 20.30 points, or 0.27 percent, to 7,485.35.

On the economic front, personal income increased 58.7 billion U.S. dollars or 0.4 percent in December, according to estimates released by the Commerce Department.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month after an upwardly revised 0.8 percent increase in November.

Meanwhile, the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.1 percent in December. Excluding food and energy, the index rose 0.2 percent.

Investors continue to pay attention to corporate earnings reports. Boeing, McDonald's, Apple, Chevron, and Facebook are among the companies that will report earnings later this week. Enditem