Positive Economic Reports No Help to Declining Stocks
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Hemera/Thinkstock(NEW YORK) — Stocks fell despite an encouraging report on consumer confidence and another indication the housing market is on the mend.
The Dow closed down 89 points Tuesday to 12,878.13. The Nasdaq declined nine points to 2,967.79. The S&P gave up seven points to close at 1,398.94.
Americans are feeling better about the economy. The Conference Board’s Consumer Confidence Index rose this month to 73.7, its highest level in almost five years. It was helped along by a better outlook for hiring over the next six months.
Meanwhile, the latest Standard and Poors/Case-Shiller index shows prices up in 18 of the 20 major U.S. cities it surveys, including a more than 20-percent jump in Phoenix from the same time last year.
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