Stocks on Wall Street moved lower after more weak economic data was released earlier today. The data showed that the S&P/Case-Shiller home price index for June was 0.1 percent lower month over month. A report on Consumer confidence also added to concerns regarding the state of the economy, it showed that consumer confidence was down to 44.5 in August from 59.2 in July. The latest report shows that consumers in the United Stated are at the same confidence level than April of 2009. The data from the Conference Board’s Consumer Confidence Index was well below the 53.3 that analysts had expected.
Wall Street has once again turned to the Federal Reserve for reassurance and awaits the release of minutes from the FOMC meeting on August 9th. The Dow Jones Industrial Average currently sits 33 points lower at 11,505.83.
Bank of America (NYSE:BAC), Alcoa (NYSE:AA) and JP Morgan (NYSE:JPM) are the largest decliners which have dragged the Dow Jones lower today.
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