MARKET SUMMARY: February 23, 2010
Stocks gave up early gains in late morning trading today as a larger than expected expected drop in consumer confidence was reported. The Conference Board said its consumer confidence index backpedaled 10.5 points to 46.0 in February; contradicting economists’ predictions for a mere monthly decline of 1.5 points.
The results added to investors’ anxiety ahead of Federal Reserve Chairman Ben Bernanke’s trip to Capitol Hill. He is scheduled to discuss the economy and monetary policy before Congress tomorrow.
Against this backdrop, the CBOE Volatility Index (VIX) soared 7%, as the major market indexes closed in the RED for the second straight session.
