Stocks fall on surprise drop in consumer confidence
A worse-than-expected reading on consumer confidence outweighed a third straight month of rising home prices, leaving stocks broadly lower Tuesday.
The blue-chip Dow Jones Industrial Average ($INDU) fell 47 points, or 0.5 percent, to finish at 9,742, while the broader S&P 500 ($INX) dropped 2 points, or 0.2 percent, to 1,061. The tech-heavy Nasdaq Composite ($COMPX) declined seven points, or 0.3 percent, to close at 2,124.
The Conference Board's reading of consumer confidence fell to 53.1 in September, down from 54.5 in August and well below economists' average forecast of 57. Meanwhile, the Standard & Poor's/Case-Schiller home price index, which measures prices in 20 major cities, rose 1.2 percent in July, notching its third consecutive month of gains.