US stocks fall despite housing gains

September 30th, 2009 - 6:18 am ICT by IANS  

New York, Sep 30 (DPA) US stocks fell Tuesday amid a drop in consumer confidence and concerns about unemployment, even as data showed housing prices soared in July by the most in four years.
Consumer confidence dropped fell to 53.1 points from a revised 54.5 in August, amid rising unemployment, the New York-based Conference Board said Tuesday.

Investors were also concerned about September unemployment figures that are due out Friday. The US unemployment rate jumped to 9.7 percent in August, soaring to a 26-year-high, as employers slashed an additional 216,000 jobs.

The S&P/Case-Shiller index of home prices in 20 cities rose 1.2 percent in July from the previous month, its highest jump since October 2005.

The blue-chip Dow Jones Industrial Average shed 47.16 points, or 0.5 percent, to 9,742.20. The broader Standard & Poor’s 500 Index lost 2.37 points, or 0.2 percent, to 1,060.61. The technology heavy Nasdaq Composite Index slipped 6.70 points, or 0.3 percent, to 2,124.04.

The US dollar was valued at 68.58 euro cents and 90.14 Japanese yen.

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