Business News

Jun 30, 2009, 21:48 GMT

Dip in consumer confidence leads US stocks lower

New York - US stocks fell Tuesday as a key consumer confidence index dipped unexpectedly, signalling ongoing pessimism about the US economy. The New York-based Conference Board said its index of consumer confidence fell to 49.3, down from a May figure of 54.8 that was revised downward slightly by 0.1 points. May's figure had been the highest in eight months as consumers seemed more optimistic that the longest US recession since the Great Depression may slowly be coming to an end. Most economists had predicted another rise in the index in June. US government figures showed that delinquency rates doubled on so- called prime mortgages - the home mortgages considered least risky - in a sign that the US housing crash at the centre of the economic crisis is continuing. The blue-chip Dow Jones Industrial Average fell 82.38 points, or 0.97 per cent, to 8,447. The broader Standard and Poor's 500 Index was down 7.91 points, or 0.85 per cent, to 919.32. The technology- heavy Nasdaq Composite Index dropped 9.02 points, or 0.49 per cent, to 1,835.04. The US currency edged up against the euro to 71.25 euro cents from 71 euro cents on Monday. The dollar rose against the Japanese currency to 96.37 yen from 96.05 yen.

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