Consumer confidence fell, but news that the economy expanded at a 2.2 percent annual rate in the third quarter as measured by the Gross Domestic Product was unexpected. Said Lynn Franco, director of The Conference Board Consumer Research Center, producer of the consumer confidence numbers, “A tighter labor market and a more guarded short-term outlook have combined to curb consumers’ confidence in November,” but added that despite the drop off, “the overall level of confidence remains favorable and continues to suggest that the economy will expand throughout the first half of next year.”
The Paint & Coatings Industry Manufacturer’s Stock Index rose this session, adding 85.30 points, or 7.93 percent, to end at 1161.23. Of the 10 stocks tracked in the Manufacturers’ Index, advancing issues bested declining issues by an 8-to-2 count.