Consumer Confidence Improving, Stocks Falter
Nov. Consumer Confidence: 49.5 vs. 47 expected and 48.7 in October. Expectations 68.5 up from 67. The Dow Jones is trading almost even for the day at 10,432
Major indexes were slightly lower Tuesday after the Conference Board said its Consumer Confidence Index rose to 49.5 in November from a revised reading of 48.7 in October. While better than expected, the report shows that consumers remain gloomy heading into the holiday season. A reading above 90 means the economy is on solid footing.
Investors have been battling mixed signals on the economy in recent months. Areas like housing have shown modest improvements, but others like consumer confidence and employment are lagging. That has investors worried that their bets on an economic recovery over the past eight months may have been overdone. The Standard & Poor's 500 index is up 63.5 percent since early March.