Consumer Sentiment Stomps Retail Stocks
NEW YORK (
) -- Consumer sentiment fell unexpectedly in April, missing expectations.
The Reuters/University of Michigan index dropped to 69.5 during the month from 73.6 in March. Economists were expecting a reading of 75.
The consumer view on current economic conditions fell to 80.7, the lowest since December, while consumer expectations fell to 62.3, its worst reading since March 2009 -- further indication of the skeptcisim of consumers on the recovery of the economy and job market.
Shares of retailers are in the red Friday morning, with the S&P Retail Index down 1.4% to 475.45. Some notable decliners include
Borders
( BGP), which is tanking 7.4% to $2.76,
RadioShack
(RSH)
which is falling 2.7% to $23.08,
Office Max
(OMX)
, which is losing 5.6% to $15.53,
eBay
(EBAY) - Get Report
, which is dropping 2.6% to $26.28 and
Macy's
(M) - Get Report
, which is off 3.4% to $22.95.
-- Reported by Jeanine Poggi in New York.
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