Market Updates
S&P 500 Down 2%, Nasdaq Drops 3% as Bear Market Rally Fizzles
Barry Adams
28 Jun, 2022
New York City
Popular stock averages lost morning momentum after twin worries of recession and inflation resurfaced after the release of consumer confidence data.
The consumer confidence index declined to 98.7 in June from 103.2 in May, the Conference Board reported today.
The confidence index declined for the second month in a row and the expectation index, based on short term outlook for income, business and labor market conditions, declined to 66.4 from 73.7, the lowest since March 2013.
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