Stocks Mixed, Economic Data Disappoints

Stocks closed mixed on Tuesday, after two economic reports showed further deterioration in the U.S. economy. The S&P/Case-Shiller index showed home prices in January fell the most since the index was created. Shortly after, the monthly report on consumer confidence showed a much greater than expected decline.

The Dow fell -16.04 , the Nasdaq Composite rose +14.30, and the S&P 500 +3.11.

Fortress Investment Group
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reported a loss for the fourth quarter, missing estimates by a wide margin. However, FIG shares rose 4.8%.

Monsanto
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jumped 9.9% after the company raised its 2008 full-year earnings guidance.

MGIC Investment
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fell 7.9% after the mortgage insurer needed to raise $745 million via a stock and debt sale. The company reported a record loss in Q4.

Oil and gold rose today, and the dollar fell versus the euro.

Market Snapshot

Dow

-16.04 12532.60

NASDAQ

+14.30 2341.05

S&P 500

+3.11 1352.99

Economic
News

Consumer Confidence (Mar): Actual 64.5, Consensus 73.4