Business News
US stocks fall slightly on souring consumer confidence
Jul 28, 2010, 0:14 GMT
New York - Most US stocks fell slightly on Tuesday as a weak labour market fuelled another slump in consumer confidence.
The private Conference Board's index of consumer confidence fell to a five-month low of 50.4 in July, down from 54.3 in June. The research group said poor business conditions and a jobless rate still hovering at 9.5 per cent were mostly to blame.
The drop in confidence overshadowed some better-than-expected quarterly earnings reports from US companies including chemical maker DuPont.
The blue-chip Dow Jones Industrial Average gained 12.26 points, or 0.12 per cent, to close at 10,537.69. But the broader Standard and Poor's 500 Index fell 1.17 points, or 0.1 per cent, to 1,113.84. The technology-heavy Nasdaq Composite Index was down 8.18 points, or 0.36 per cent, to 2,288.25.
The US currency inched lower to 76.94 euro cents from 76.98 euro cents on Monday. The dollar jumped against the Japanese currency to 87.87 yen from 86.87 yen the previous day.
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