Wall Street falls as consumer confidence unexpectedly declines

Wall Street ended slightly lower Tuesday, as confidence among U.S. consumers unexpectedly fell in September.

The Conference Board posted that its consumer confidence index dropped to 53.1 in September from revised 54.5 in August, as the continuing rise in unemployment weighed on consumers. The reading is much lower than the figure of 57 economists had expected.

The decrease in consumer confidence offset a smaller-than-forecast drop in home prices. The Standard & Poor's/Case-Shiller home price index indicated home values in 20 U.S. metropolitan areas declined 13.3 percent in July from a year earlier, less than forecast. The gauge rose 1.2 percent from the prior month, the biggest gain since October 2005. The report showed a sign the housing slump is abating.

Moreover, Exxon Mobil Corp. and Chevron Corp. led energy stocks lower as a stronger dollar dragged down oil prices.

On corporate news, Walgreen Co. jumped 9.2 percent as rising sales of prescription drugs boosted results. Gannett Co. rallied over 17 percent after the largest U.S. newspaper publisher predicted third-quarter earnings that topped analysts' estimates.

The Dow Jones lost 47.16, or 0.48 percent, to 9,742.20. Broader indexes also went lower. The Standard & Poor's 500 index dipped 2.37, or 0.22 percent, to 1,060.61 and the Nasdaq fell 6.70, or 0.31percent, to 2,124.04.

Source:Xinhua