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Stocks Shed Rally Mood on Consumer Confidence Report

 Phil Amato     Created: 9/30/2009 7:01:20 AM    Updated: 9/30/2009 7:04:12 AM
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NEW YORK (AP) -- A surprise drop in consumer confidence reversed some of Monday's gains on Wall Street.

Stocks fell after the Conference Board said its consumer confidence index fell to 53.1 in September, down from 54.5 in August. It was much lower than the 57 reading economists had been expecting.

The report offset any enthusiasm drummed up by a third straight monthly increase in home prices.

The Dow starts the day off 47 points lighter at 9,742. The Nasdaq lost 7 to hit 2,124 and the S&P shed 2 points to 2,124.

On tap today, the government releases a revised estimate of growth in the second quarter. Analysts look for it to show contraction of 1.2 percent.

©2009 Associated Press. All rights reserved. This material may not be published, rewritten, or redistributed.



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