BUSINESS BRIEFS
Markets decline amid impeachment talk
Stocks had their most volatile day in a month Tuesday as a growing number of Democrats called for an impeachment inquiry into President Donald Trump and a report showed a decline in consumer confidence.
Most of the sectors in the S&P 500 ended lower and bond yields fell. House Democrats were meeting to discuss launching an impeachment inquiry following reports that Trump may have sought a foreign government’s help in his reelection bid.
The S&P 500 index fell 25.18 points, or 0.8%, to 2,966.60 on Tuesday. The Dow slid 142.22 points, or 0.5%, to 26,807.77.
The Nasdaq lost 118.84 points, or 1.5%, to 7,993.63.
The Russell 2000 index of smaller companies gave up 24.66 points, or 1.6%, to 1,533.59.
US consumer confidence drops as economic uncertainties rise
Consumer confidence fell sharply in September, a likely indication that growing economic uncertainties are taking a toll on American households.
The Conference Board, a business research group, says its consumer confidence index fell to 125.1 in September from a revised August reading of 134.2. Consumers’ assessments of both current economic conditions and expectations for the next six months slipped.
The trade war with China and a global slowdown have contributed to uncertainties clouding the progress of the U.S. economy, now in its 11th year of expansion. Last week, the Federal Reserve cut its benchmark rate by a quarter-point for the second time this year, citing trade conflicts and weaker business investments as key reasons.
This month’s pullback in confidence was greater than economists expected, but the index remains at a healthy level.
US home prices rise at slowest pace in 7 years
U.S. home prices rose in July from a year earlier by the smallest amount in seven years, as modest sales are forcing sellers to keep costs in check.
The S&P Corelogic Case-shiller 20city home price index moved up 2% in July from a year ago, down from a 2.2% annual gain in June. Several formerly hot housing markets, such as Seattle and San Francisco, have noticeably cooled this year.
Home sales have picked up in recent months but remain modest. Low mortgage rates have recently encouraged more Americans to take the plunge and buy homes, but sales of existing homes have increased less than 3% in the past year.
Phoenix, Las Vegas and Charlotte, North Carolina, reported the largest price gains over the past 12 months, increasing 5.8%, 4.7%, and 4.6%, respectively.