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Stocks dip after disappointing economic reports

Stocks dip after disappointing economic reports

Stock indexes dipped Tuesday after reports on consumer confidence and home prices fell below analyst estimates.
The Conference Board announced that consumer's confidence in the economy slid in December to a level of 52.5, down from 54.3 in November. Economists were expecting the index to rise to 55.8. A reading on the index above 90 indicates a healthy economy.
The slow housing market is contributing to lackluster confidence in the economy. Standard & Poor's/Case-Shiller said Tuesday that home prices fell 1.3 percent in October from a month earlier.
Home prices slid across the U.S. Prices were down 2.9 percent in Atlanta, 2 percent in Chicago, and 1.9 percent in San Francisco.
In morning trading, the Dow Jones industrial average dropped 9 points, or 0.1 percent, to 11,545. The Standard and Poor's 500-stock index fell 1, or 0.1 percent, to 1,257. The technology-focused Nasdaq composite index lost 6, or 0.2 percent, to 2,661.
Energy companies were the only one among the 10 industry groups that make up the S&P 500 to post gains.
Cisco Systems Inc. rose 1.7 percent to lead the 30 stocks the make up the Dow index. American Express Co. had the largest fall, losing 1 percent.
Trading volumes on Wall Street are expected to be light throughout the week. Many investors have already closed their books for the year and are on vacation until January.
Stock indexes finished Monday mixed on a day marked by the remnants of a blizzard that disrupted travel in much of the Northeast.


Updated : 2021-08-04 18:29 GMT+08:00