As Consumer Confidence Falls, So Do Stock Prices

(from CnnMoney.com)

Both the S&P 500 and the Nasdaq saw above average losses Tuesday, as consumer confidence fell to 50.4 from 54.3 the month before.  This was lower than the estimated drop.

Though some companies had performed better than expected, ultimately tech and consumer stocks took a large enough hit that, overall,, the markets suffered.

David Chalupnik, head of equities at First American Funds, said "The consumer confidence index was below expectations but not surprising.  We had a down market in May, June and early July and that weighs on consumer spending and confidence."