Stocks Fall Sharply After Consumer Confidence Report
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Stocks are falling sharply after a report that consumer confidence has fallen sharply this month.
The Conference Board says its June consumer confidence index came in at 50.4, far below economists’ expectation of 56.5.
The news disappointed investors who are increasingly worried that rising gas and food prices will stifle consumer spending. Americans’ spending accounts for more than two-thirds of economic growth.
Wall Street was already down before the consumer confidence report on a profit warning from shipper UPS Inc. That was also due to rising gas prices.
The Dow Jones industrial average is down 104 points at the 11,737 level.
