A key measure of consumer mood fell to an all-time low, a reflection of the dismal market performance and tough economic conditions. The Conference Board's Consumer Confidence index plunged to 38 in October from a revised 61.4 in September. Economists thought the survey would fall to 52, according to Briefing.com forecasts. (Full story)Another report showed home prices in August fell for the 25th month in a row. Meanwhile, prices in 10 major markets tumbled a record 17.7% versus a year ago.
Treasury prices slumped, raising the yield on the 10-year note to 3.77% from 3.68% late Monday. Treasury prices and yields move in opposite directions. (Full story)
And today's market result? Dow gain 888 points.
It's all insanity now.
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