Some investors may have been spooked by a new Harris poll published this week that found 84% of Americans plan to cut back on their spending in response to higher gasoline prices.
A drop in consumer spending could be bad news for the SPDR S&P 500 ETF Trust (NYSE:SPY), but Bank of America economist Ethan Harris said Thursday that the poll results may not be as bad for the market as they seem at first glance.
