CONSUMER CONFIDENCE DROPS FOURTH CONSECUTIVE MONTH

From CNNMoney:

A key barometer of consumer sentiment dropped for a fourth consecutive month, sending the index near its lowest level in two years.

Rising gasoline prices, falling home sales and unstable financial markets have weighed on consumers' spending, the Conference Board reported.

The New York-based Conference Board said Tuesday that its Consumer Confidence Index fell to 87.3 from a revised 95.2 in October. The reading marked the lowest level since October 2005 when it was 85.2. Analysts had expected 91.5.

"We expected a downward trend but it was significantly down," said Anika Khan, an economist at Wachovia.

Economists repeatedly pointed to the worsening housing crisis, tougher lending standards and rising energy prices for the dampened attitudes.