This paper examines whether U.S. stock-market wealth asymmetrically affects consumption. After identifying asymmetric behavior for consumption and stock market wealth, the results confirm that stock-market wealth asymmetrically affects real per capita consumption. Negative 'news' affects consumption more than positive 'news'.
Apergis, Nicholas and Miller, Stephen M., "Consumption Asymmetry and the Stock Market: Empirical Evidence" (2004). Economics Working Papers. Paper 200443.