U.S. consumer confidence was rocked in June as Americans fretted about the weak jobs picture and more turbulence in the financial markets, a new report showed on Tuesday.
The Conference Board said its consumer confidence index dropped to 52.9 in June, sharply below a reading of 62.7 in May and not even close to the 62.8 reading economists had forecasted. The 9.8 point drop in June marked the steepest decline since February.
A darkening view of the economy sent bond market interest rates to their lowest level in 14 months and kept many investors out of the stock market.
The yield on the 10-year Treasury note, considered a benchmark because it's used to set rates on consumer loans including mortgages, fell to 3.03 percent Monday, its lowest point since late April 2009.
"... government needs to, “Stop spending! Stop spending! Stop spending!”
Home prices in April rose for the first time in seven months as government tax credits bolstered the housing market. But the rebound may be short-lived now that the incentives have expired [ummm, yeah, 'cause it expired on April 30].