Weak consumer confidence hurts U.S. stocks

Nov. 30, 2004 at 4:29 PM
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NEW YORK, Nov. 30 (UPI) -- U.S. stocks slipped Tuesday on a weak consumer confidence report and a drop in the bond market that raised fears of higher interest rates.

The Dow Jones industrial average fell 47.88 points, 0.46 percent, to close at 10,428.02 on a volume of slightly more than 1 billion shares. The Nasdaq composite lost 10.06 points, or 0.48 percent, to end the day at 2,096.81, while the Standard & Poor's 500 slipped 4.75 points, or 0.40 percent, closing at 1,173.82.

The Conference Board said its consumer-confidence index for November fell to 90.5, down from 92.9 in October, the Wall Street Journal reported. Economists had expected the index to rise to 96.1.

The 10-year Treasury note fell 9/32, or $2.81 for each $1,000 invested, for a 4.36 percent yield.

The dollar rose to 102.93 yen from 102.85, and the euro climbed from $1.3272 to $1.329.

Tokyo's Nikkei 225 issues lost 78.64 points, or 0.7 percent, to close at 10,899.25, and London's FTSE 100 settled at 4,701.80 after falling 48.00 points, or 1.01 percent.

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