US stocks down on weaker consumer confidence, housing prices

June 25th, 2008 - 7:29 am ICT by IANS  

New York, June 25 (DPA) Major US stock market indices edged lower Tuesday as consumer confidence fell to its lowest level in 16 years and housing prices plummetted on the month. The private New York-based Conference Board said its consumer confidence index declined to 50.4 in June from an adjusted 58.1 in May.

Home prices in the 20 largest US cities fell 15.3 percent in April from a year earlier, according to the S&P/Case-Shiller index, as the US housing slump appears to be showing few signs of letting up.

United Parcel Service warned that rising petrol prices would harm quarterly earnings, sending the package delivery giant’s shares to their lowest level in nearly five years.

The blue-chip Dow Jones Industrial Average lost 34.93 points, or 0.29 percent, to 11,807.43. The broader Standard & Poor’s 500 dropped 3.71 points, or 0.28 percent, to 1,314.29. The technology- heavy Nasdaq Composite Index lost 17.46 points, or 0.73 percent, to 2,368.28.

The US currency stood at 64.23 euro cents and 107.83 yen. Gold gained 4.40 dollars to 891.60 dollars per fine ounce.

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