Stock Market Update

[BRIEFING.COM] The S&P 500 and Nasdaq Composite briefly peaked into positive territory over the last half hour following the latest economic release. 

The Conference Board's Consumer Confidence Index dropped to 86.0 in April (Briefing.com consensus 88.3) from an upwardly revised 93.9 (from 92.9) in March. This was the fifth straight month that consumer confidence declined.

The key takeaway from the report is that the drop in confidence was guided primarily by the decline in consumers' outlook, which was driven by worsening views of business conditions, employment prospects, and future income. The drop in confidence was broad-based across all age groups and most income groups.