The preliminary University of Michigan's Consumer Sentiment Index dropped much more than expected, falling from 70.8 in June to 64.6 in July, versus the forecast, which called for a slight decline to just 70.0. The index is now back to the lowest level since March.The University of Michigan said in a statement that consumers concluded that the economic downturn would last longer and their personal finances would not recover as quickly as they had previously expected.
The Import Price Index rose 3.2% in June, well above the expected increase of 2.0% of economists surveyed by Bloomberg. Import prices increased an upwardly revised 1.4% in May. Year-over-year, import prices are down 17.4%.
The Dow Jones Industrial Average fell 37 points (0.5%) to close at 8,147, the S&P 500 Index lost 4 points (0.4%) to 879, while the Nasdaq Composite rose 3 points (0.2%) to 1,756. Crude oil fell $0.52 to $59.89 per barrel, and gold gained $0.25 to $912.60 per ounce. For the week, the DJIA slipped 1.6%, the S&P 500 Index slumped 1.9%, and the Nasdaq Composite sagged 2.3%.
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