Plunge in Consumer Confidence Sends Stocks Lower

By: Associated Press
By: Associated Press

Stocks are falling after consumer confidence dropped in August to its lowest level since April 2009.

The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index fell 15 points to 44.5. That was far lower than economists had predicted.

Wild swings in the stock market this month have put consumers on edge. That's a worrisome sign for the economy and for retailers, who depend on the back-to-school shopping season for as much as 25 percent of their annual revenue.

Shortly after 10 a.m., the Dow Jones industrial average is down 102 points, or 0.9 percent, at 11,437. The Standard & Poor's 500 is down 13, or 1.1 percent, at 1,196. The Nasdaq is down 26, or 1 percent, at 2,535.


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