DOW

Dow

11,559.95

+20.70

+0.18%

YF News

Market Update

4:30 pm : Selling in the final minutes caused stocks to settle short of their session highs, but the major equity averages still managed to hold on for another gain.

Stocks extended their early morning slide in response to an abysmal Consumer Confidence Index for August. The Index had been generally expected to ease to 52 from just above 59, but slumped to 44.5, which is the worst reading since April 2009. It is suspected that the worse-than-expected reading was the result of stock market volatility, slow job growth, and concerns about the pace of the overall economic recovery.

Although there isn't any empirical evidence that connects consumer confidence with actual spending, participants used the report as an excuse to sell stocks. That sent the broad equity market down to a loss of more than 1%, but it didn't take long for buyers to scale back in. The stock market's move off of its morning low was rather choppy, though.

Minutes from the most recent FOMC meeting failed to have any meaningful impact on trade. They didn't offer any clues for plans of further stimulus, although the members of the Committee agreed monetary policy couldn't completely address the various strains on the economy.

Despite a general lack of leadership, stocks were still able to work their way up to a modest gain. The effort was challenged shortly before the toll of the closing bell, but stocks the major equity averages managed to hold on for varied gains -- the Nasdaq again outperformed its counterparts with help from Internet-related plays.