Stocks dip as consumer confidence slips
A trader works on the floor of the New York Stock Exchange in Manhattan on Monday. The market soared to a 12-month high after comments made by Ben Bernanke regarding the economy. (March 26, 2012) Credit: Getty Images
Major stock indexes dipped Tuesday as weak readings on consumer confidence gave investors little reason to extend the recent rally.
The Dow Jones industrial average dropped 43.90 points to close at 13,197.73.
Bank of America fell 3.32 percent, the biggest drop in the Dow, after an analyst downgraded the stock.
Major indexes opened higher, then pulled back after The Conference Board said its index of consumer confidence slipped in March. Higher gas prices offset the surging stock market.
Around the same time, the Federal Reserve Bank of Richmond, Va., reported that a measure of regional manufacturing plunged this month.
Other indexes edged lower. The Standard & Poor's 500 index dropped 3.99 points to 1,412.52. The Nasdaq composite fell 2.22 points to 3,120.35.
More than four stocks fell for every three that rose on the New York Stock Exchange.
The S&P 500 index and the Nasdaq are up more than 1 percent for the week. The S&P 500 has already gained 12.3 percent to start the year. That three-month surge easily beats the 8 percent return most fund managers hope to make in a whole year. The Nasdaq is up even more for the year, 19.8 percent.
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