Grim news for market watchers:
Stocks fell sharply Tuesday as a steep decline in consumer confidence aggravated growing concern about the global economy and sent the Standard & Poor’s 500-stock index to a new low for the year.
Stocks fell from the start, continuing a trend that had begun overnight in Asia and spread to Europe, driving major indexes in the United States down about 3 percent.
The Conference Board said Tuesday that its consumer confidence index fell this month to 52.9, a decline of nearly 10 points.
That news came after the Standard & Poor’s/Case Shiller index of home prices rose only slightly in April, providing no signs of a sustained recovery in the housing market.
Is there any possibility that a DOW that continues to fall would spook enough blue dogs to get them to support a job creation package?