MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Killswitch who wrote (14753)	10/8/2002 9:57:32 PM
From: Killswitch	Read Replies (2) of 19219

Reuters Market News ABC/Money consumer confidence fell sharply on week Tuesday October 8, 6:30 pm ET NEW YORK, Oct 8 (Reuters) - U.S. consumer confidence plummeted last week as worries about the stock market decline and growing evidence of a faltering economic recovery caught up with consumers, a poll published on Tuesday showed. ABC News/Money Magazine said its weekly Consumer Comfort index fell five points last week to -20, the worst reading in more than eight years and one of the biggest one-week drops on record in 16 years of polling. Expectations about the future were bleak as well. A separate monthly survey showed 48 percent of Americans see the economy getting worse, up 12 percentage points from last month and the highest level in almost a year. A meager 27 percent of Americans said the economy was in excellent or good shape, down from 30 percent last week. Fifty-five percent rated their own finances as excellent or good, down 2 percentage points. The survey's buying-climate gauge, which represents American's disposition to spend, also fell, to 38 percent from 40 percent. The poll's findings echo more closely watched monthly indicators of confidence published by the Conference Board and the University of Michigan, which also reflect deteriorating confidence. The ABC/Money Magazine Consumer Comfort Index represents a rolling average based on telephone interviews with about 1,000 adults nationwide each month. The margin of error is plus or minus 3 percentage points. The index's all-time high was +38 in January 2000 and its record low was -50 in February 1992. Its weekly average since December 1985 is -8. biz.yahoo.com

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