Oil Falls Below $74, Markets Flat Despite Upbeat Consumer Confidence

The Dow, S&P and Nasdaq were all hovering around the flatline in midday trading Friday.
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The Dow, S&P and Nasdaq were all hovering around the flatline in midday trading Friday. But one sector getting a lot of attention is oil and oil stocks. Crude prices are moving below $74 a barrel. Oil stocks are moving lower, including Chesapeake Energy. It looks like U.S. consumers are feeling more confident about the economy. The latest reading from the University of Michigan's consumer sentiment index came in at 89.4. That's higher than estimates and the highest reading since July 2007. While the drop in the unemployment rate may have something to do with improving confidence in the economy, Americans are still concerned personal incomes will not climb.