Consumer Confidence Plunges

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Tuesday, the 29th of January.

The markets have largely shrugged off a report from the Conference Board showing that U.S. consumer confidence fell to a fourteen-month low in January.

The Conference Board said its consumer confidence index tumbled to 58.6 in January from an upwardly revised 66.7 in December. With the decrease, the index fell to its lowest level since November of 2011. This drop is a direct reaction to smaller paychecks and uncertainty about the debt ceiling.

Today we'll take a look at Drug giant Pfizer (PFE) It's currently posting a notable gain after reporting better than expected fourth quarter earnings. Housing stocks have also shown a strong move back to the upside after coming under pressure in the previous session, with the Philadelphia Housing Sector Index up by 1.6 percent. D.R. Horton (DHI) is leading the sector higher after reporting better than expected first quarter results.

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Have a great trading day,
Jeremy Lutz