US stocks wobble as consumer confidence dips
Stocks wobbled and closed mixed for a second straight session today after a dip in consumer confidence countered better-than-expected quarterly results from companies such as Eastman Kodak Co.
Nonetheless, Wall Street ended an unusually strong October with solid gains for the month.
The market was uneasy after the Conference Board said its index of consumer confidence fell to 105.4 from 105.9 in September. The reading was well below the 107.8 analysts expected and raised concerns on Wall Street about the strength of consumer spending, and in turn, the economy, in the coming months.
Today’s trading recalled yesterday’s session, when stocks meandered as investors digested mixed economic data and a weak sales report from Wal-Mart Stores Inc. that also made them question consumer sentiment.
The Dow Jones industrial average fell 5.77, or 0.05 percent, to 12,080.73. The Dow had fallen by more than 52 points earlier in the session. Broader stock indicators were barely higher. The Standard & Poor’s 500 index rose 0.01, or less than 0.01 percent, to 1,377.94, and the Nasdaq composite index rose 2.94, or 0.12 percent, to 2,366.71.
