Stocks slide as July consumer confidence falls

Jitters about the U.S. economy are putting the stock market rally on hold again.
JUL 28, 2009
By  Bloomberg
Jitters about the U.S. economy are putting the stock market rally on hold again. Stocks fell moderately today after a private research group said consumer confidence fell more than expected in July. The market watches that measure closely since spending by consumers accounts for more than two-thirds of U.S. economic activity. Analysts have been anticipating some pullback after the market soared 11 percent in just two weeks on surprisingly strong corporate profit reports. The latest run restarted a rally that began in March but faltered in mid-June on lackluster economic data. "There is uncertainty about how fast the rally can go and how far it can go," said Robert Phillips, a managing director at Spectrum Management Group of Raymond James & Associates. Trading started off on a cautious note Tuesday after the latest round of earnings came in mixed. Viacom Inc. reported a sharp drop in profits and Valero Energy Corp. posted a quarterly loss, however both were better than expected. In midmorning trading, the Dow Jones industrial average fell 36.88, or 0.4 percent, at 9,071.63. The Standard & Poor's 500 index fell 6.98, or 0.7 percent, to 975.20, while the Nasdaq composite index slid 9.02, or 0.5 percent, to 1,968.87.

Latest News

Finra's Reg BI Enforcement: Is it 'ineffective, costly'?
Finra's Reg BI Enforcement: Is it 'ineffective, costly'?

The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.

SEC prepares to back away from defending climate rule in court
SEC prepares to back away from defending climate rule in court

Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.

wealth.com welcomes Kathy Wunderli in private wealth push
wealth.com welcomes Kathy Wunderli in private wealth push

The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.

Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam
Morgan Stanley loses $843,000 investor claim stemming from 'gold bar' scam

“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.

LPL welcomes $630M sibling advisor duo from Corebridge
LPL welcomes $630M sibling advisor duo from Corebridge

Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.