Stocks Sink on Consumer Confidence, Inflation and Housing Worries
Stocks plunged on Tuesday as a wave of pessimism hit the market.
Negative economic news, inflation worries, and weakness in the
financial sector led to large losses in the major averages.
Consumer Confidence fell, the Case-Shiller index showed U.S. house
prices declined in the second quarter and the Fed minutes revealed
greater concerns about inflation.
The financial sector was hurt by Merrill Lynch’s
(
MER |
Quote |
Chart |
News |
PowerRating)
downgrades of:
CitiGroup
(
C |
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Chart |
News |
PowerRating)
Lehman Brothers
(
LEH |
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Chart |
News |
PowerRating)
Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating).
In other stock news, Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) agreed to cut the
sales price for HD Supply by more than $1.8 billion (read
more).
EarthLink
(
ELNK |
Quote |
Chart |
News |
PowerRating) announced plans to cut 900 jobs as
part of its restructuring plan (full
story).
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