Stocks turn lower after consumer confidence sinks
NEW YORK (AP) — Stocks fell Thursday, pushed down by unwelcome signs that the economy is still far from repaired and that "fiscal cliff" negotiations are far from sealed.
Major stock indexes wavered between small gains and losses in early trading, then turned decisively downward after 10 a.m. That was after Senate Majority Leader Harry Reid said it appears the government will miss the deadline for avoiding the "fiscal cliff," and the Conference Board reported that consumer confidence fell to its lowest level since August.
"An unpleasant surprise," was how Hugh Johnson, chairman and chief investment officer of Hugh Johnson Advisors in Albany, N.Y., described the consumer confidence numbers. "People are worried."
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