Stocks are lower after worse-than-expected consumer confidence report
Submitted by SmallCapVoice.com
A sharp drop in consumer confidence is sending stocks lower.
The Conference Board says Tuesday its consumer confidence index has fallen to 46 in February from 56.5 last month. Economists had expected a reading of 55.
Not only did the index fall sharply, it is far from indicating strength in the economy. A reading above 90 means the economy is on solid footing.
Consumers are vital to a strong, sustained economic recovery because their spending accounts for more than two-thirds of all economic activity.
The Dow Jones industrial average is down 36.43, or 0.4 percent, at 10,346.95. The Standard & Poor’s 500 index is down 6.32, or 0.6 percent, at 1,101.69, while the Nasdaq composite index is down 14.52, or 0.7 percent, at 2,227.51.
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