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Mid-Day Recap: Stocks Flat After Weak Consumer Confidence Data
After an unexpected drop in consumer confidence spurred on a stock sell-off this morning, all three equity indexes are clawing their way back to unchanged. As of 1:30 eastern, the S&P 500 is up 0.09% to 1,063, the Dow is trading 0.01% lower at 9,779, and the NASDAQ is 0.04% lower at 2,129.
‘Jobless Recovery’ Hurts Consumer Confidence
An unexpected decline in future expectations caused a key monthly measure of consumer confidence to dip in September. The component tracking present conditions fared even worse, but that was expected due to the struggling labor market.rnrnThe Conference Board’s Consumer Confidence index dropped to 53.1 in September, falling from 54.5 in August and defying expectations that it would climb to 57.0. rn
Case-Shiller: 18 of 20 Cities Report Higher Home Prices in July
Home prices continued to stabilize in 18 of the 20 metropolitan areas surveyed in July, an industry survey showed Tuesday. Thirteen of the 20 metro areas have seen prices increase for three or more consecutive months, indicating that the deflationary spiral in the housing market has likely come to an end. (Well, assuming you don't live in Las Vegas...)
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