NEW YORK (AP) — Stocks are retreating from 13-month highs
following a lackluster reading on consumer confidence and a report
showing slower economic growth.
The Conference Board’s Consumer Confidence Index increased to 49.5
in November from 48.7 in October. While better than expected, the
report shows that consumers remain gloomy heading into the holiday
season.
In another sign that the recovery is going to be slow, the
government revised its calculation of third-quarter economic growth
down to 2.8 percent from its original estimate of 3.5 percent.
The decline in stocks comes after a big rally on Monday.
At midday, the Dow is down 60 at 10,389. The Standard & Poor’s 500
index is down 5 at 1,101, while the Nasdaq composite index is down
14 at 2,161.
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