Wall Street lost ground Tuesday as U.S. consumer confidence in the economy has fallen unexpectedly in June.
The Conference Board, an economic research group, said its Consumer Confidence Index stands at 49.3, down from its revised May level of 54.8. Economists had expected a reading of 55.
In other economic news, delinquency rates on the least risky mortgages more than doubled in the first quarter from a year earlier, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in a report. The reported weighed on financial stocks.
On the plus side, the S&P/Case-shiller home-price index decreased 18.1 percent from a year earlier following an 18.7 percent drop in March, showing the plunge in real-estate values is abating.
As the April-June period coming to a close, the market could be a bit more volatile as investment managers make last-minute changes to their portfolios, analysts said.
The Dow Jones industrials fell 82.38, or 1 percent, to 8,447.00.The S&P 500 index fell 7.91, or 0.9 percent, to 919.32, while the Nasdaq composite index fell 9.02, or 0.5 percent, to 1,835.04.
For the quarter, the Dow is up 11 percent. The S&P 500 index is up 15.2 percent while the Nasdaq is up 20 percent.
Source:Xinhua
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