US stocks fall amid weak consumer report
Expecting improved confidence, traders bid up stocks before the Conference Board reported its monthly consumer statistics, only to be disappointed.
The board reported that its consumer confidence index fell in December, down from 54.3 points in November to 52.5.
That was enough to send stocks lower.
The Dow Jones Industrial Average fell 7.23 points (0.6 per cent) to 11,573.80 in early trade.
The tech-rich NASDAQ fell 1.76 points (0.07 per cent) to 2,665.51.
The broader S&P 500 index managed to hang on to some early gains and was up 0.32 points (0.03 per cent) to 1,257.86.
Intel was among the Dow's biggest losers, down 0.2 per cent. Disney, Home Depot and Boeing were all down by the same amount.
Financial stocks continued to rise, with the Bank of America up 1.5 per cent, and JPMorgan Chase was up 0.5 per cent.
The bond market fell.
The yield on the 10-year Treasury bonds rose to 3.36 per cent from 3.35 per cent on Monday, while that of the 30-year bond was up to 4.44 per cent from 4.42 per cent. Bond prices and yields move in opposite directions.
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