Bloomberg News

U.S. Stocks Fall as Growth in Confidence Reduces Fed Speculation

July 31, 2012

U.S. stocks retreated for a second day as a gauge of consumer confidence topped estimates, reducing speculation the Federal Reserve will announce plans for more stimulus at the end of a two-day meeting tomorrow.

The Standard & Poor’s 500 Index lost 0.2 percent to 1,383 at 10:12 a.m. in New York

The Confidence Board’s index increased to 65.9 this month from 62.7 in June, figures from the New York-based private research group showed today. Economists projected a reading of 61.5, according to the median estimate in a Bloomberg News survey. The report showed a gain in the share of consumers anticipating better labor and economic conditions in six months.

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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