Consumer confidence down in December; stocks decline on report
NEW YORK -- Consumer confidence fell again in December, likely due to the continuing stalemate in Washington over the so-called fiscal cliff, the Conference Board said.
The board said Thursday its Consumer Confidence Index declined to 65.1 in December, down from 71.5 in November. The decline this month follows a slight decline in November from the previous month.
Stocks turned sharply lower in early Wall Street trading after the consumer confidence report’s release.
The Dow Jones industrial average fell 89 points, or 0.7%, to 13,025. The broader Standard & Poor’s 500 index fell 9 points, or 0.6%, to 1,411. The Nasdaq lost 21 points, or 0.7%, to 2,969.
The Conference Board, an independent business research group, attributed the decline to uncertainties stemming from Washington’s inability to resolve the automatic spending cuts and tax increases due to take effect at year’s end.
While consumer sentiment declined overall, consumers’ assessment of current business conditions brightened last month, the Conference Board reported.
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