consumer-confidence reading that aggravated investors’ fears of weak profits and a prolonged recession pushed stocks lower on Tuesday.
The Dow Jones Industrial Average was recently down about 88 points, or 1%, to 8440. The S&P 500 declined 0.9%. The Nasdaq Composite Index slid 0.4%. The Russell 2000 edged into positive territory, gaining less than a point.
Losses in major indexes began to pile up about a half-hour after the bell, when the Conference Board said that its index of consumer confidence for June fell to 49.3 from a revised 54.8 in May, which was originally reported as 54.9. New housing data were also glum.
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