Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Stocks end November with a whimper

chart_ws_index_dow.top.pngClick the chart for more on stocks. By Julianne Pepitone, staff reporter


NEW YORK(CNNMoney.com) -- Stocks started November with a bang but ended it with a whimper, as all three major indexes closed the day and month lower on Tuesday.

A stronger-than-expected report on consumer confidence muffled some losses, but the market couldn't fully recover from a weak housing report and concerns about Europe's economy.

The Dow Jones industrial average (INDU) lost 46 points, or 0.4%, but remained barely above the 11,000 mark at 11,006.02. The S&P 500 (SPX) fell 7 points, or 0.6%, to close at 1,180.55, and the Nasdaq (COMP) dropped 27 points, or 1.1%, to end at 2,498.83.

It was a downbeat end to a month that started out strong. The Dow and Nasdaq shot to two-year highs in early November after the Republican success in the Congressional election and the Federal Reserve's announcement of a second round of economy-boosting asset purchases.

But U.S. markets have been whipsawed by overseas worries about debt-ridden European economies, including Ireland, Portugal and Spain. Late Tuesday, S&P said it put Portugal's long- and short-term credit ratings on watch.

The Dow fell by triple digits at Tuesday's open. But the market got a boost when the Conference Board's index of consumer confidence came in above forecasts.

"Clearly we're not seeing a complete breakdown, but cautiousness is definitely in the air," said Kenny Landgraf, principal and founder at Kenjol Capital Management.

"On the upside, the domestic market is much stronger than international markets," Landgraf added. "Europe concerns have really been prolonged, and it seems like new countries keep tacking on more worries."

Stocks ended lower Monday, although a late-session surge eased early losses.

Economy: The Conference Board's index of consumer confidence rose more than expected to 54.1 in November from a downwardly revised 49.9 in October. Economists expected the index to come in at 52.

The Case-Shiller index of home prices in 20 major U.S. markets brought bad news: Home prices fell 2% in the third quarter after mostly steady gains since early 2009. Economists expected prices to rise 1% in September, according to a consensus of economists by Briefing.com.

A measure of manufacturing in the Chicago area showed an unexpected uptick in the pace of activity this month. The Chicago PMI index ticked up to 62.5 in November from 60.6 in October. Economists expected a slight drop. Any index reading over 50 indicates expansion.

Late Tuesday, the co-chairmen of President Obama's debt panel said they will delay a vote on final recommendations until Friday. The panel will release a report Wednesday as originally scheduled.

World markets: Asian markets closed lower. The Shanghai Composite lost 1.6%, the Hang Seng in Hong Kong fell 0.7% and Japan's Nikkei dropped 1.9%.

European stocks ended mostly flat. Britain's FTSE 100 and the DAX in Germany were unchanged, but France's CAC 40 closed off by 0.8%.

Companies: Google's (GOOG, Fortune 500) stock ended down more than 4.5% after the European Commission said it will investigate whether the Internet search company violated antitrust rules. Search service providers allege that Google gives its own services preferential placement on searches.

News reports also said Google is looking to acquire the discount coupon retailer Groupon. The New York Times' DealBook blog reported Google may be bidding as much as $6 billion for Groupon.

Currencies and commodities: The dollar was up against the pound and the euro, but it fell against the yen. Investors tend to move toward the dollar as a safe haven during times of economic uncertainty.

Oil for January delivery fell $1.62 to settle at $84.11 a barrel.

Gold futures for January delivery rose $18 to settle at $1,384 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.80% from 2.82% late Monday.  To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.85%3.83%
15 yr fixed2.97%2.96%
5/1 ARM3.13%3.11%
30 yr refi3.96%3.95%
15 yr refi3.07%3.06%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,436.30 84.92 0.52%
Nasdaq 4,764.44 14.46 0.30%
S&P 500 1,961.05 12.19 0.63%
Treasuries 2.17 -0.02 -0.87%
Data as of 10:05am ET
Company Price Change % Change
Bank of America Corp... 16.00 0.15 0.95%
Apple Inc 112.10 -0.24 -0.21%
Frontier Communicati... 5.45 0.24 4.61%
Dow Chemical Co 43.08 0.69 1.63%
Netflix Inc 101.65 -3.79 -3.59%
Data as of 9:50am ET

Sections

I tried out personality detection software startup Crystal and spoke with others who've used the service. Here's what it's like. More

BB-8 is the new rolling droid in the upcoming 'Star Wars: The Force Awakens.' Startup Sphero made a mini version for you to take home. More

Millennials are looking for a buying opportunity and the current stock market gyrations seems to offer that. Many are jumping in. More