Consumer Confidence Hits Two-Year High

By Melanie Arter | July 7, 2008 | 8:21pm EDT

( - Consumer confidence rose to a two-year high in July, the fourth consecutive monthly gain, the Conference Board reported Tuesday.

New home sales, meanwhile, dipped down 0.8 percent in June after setting a record sales pace in May, according to the Commerce Department.

Because of the June decline, sales of new single-family homes slipped down to an annual rate of 1.33 million units, still the second-highest level on record, following the all-time high sales pace of 1.34 million set in May.

Stocks opened higher Tuesday prompted by strong earnings from Verizon Communications. Investors were emboldened by Verizon's bullish second-quarter earnings and positive outlook.

The market had been in a slump for four weeks over concerns about stalled economic growth and a series of second-half profit warnings.

The Dow Jones Industrial average opened at 9,981.16, up 19.24 points or 0.19 percent. The Standard & Poor's 500 Index was up 1.73 points or 0.16 percent, at 1,085.80. The Nasdaq Composite Index was up 6.23 points or 0.34 percent at 1,845.25.

Send a Letter to the Editor about this article.

CNSNews Reader,

The media are hard at work weaving a web of confusion, misinformation, and conspiracy surrounding the COVID-19 pandemic.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism—not by misrepresenting or ignoring the facts.

CNSNews has emerged as the conservative media’s lynchpin for original reporting, investigative reporting, and breaking news. We are part of the only organization purely dedicated to this critical mission and we need your help to fuel this fight.

Donate today to help CNSNews continue to report on topics that the liberal media refuse to touch. $25 a month goes a long way in the fight for a free and fair media.

And now, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can make up to a $300 gift to the 501(c)(3) non-profit organization of your choice and use it as a tax deduction on your 2020 taxes, even if you take the standard deduction on your returns.

— The CNSNews Team



Sign up for our CNSNews Daily Newsletter to receive the latest news.