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The Conference Board's consumer confidence index jumped to 81.4 in June, the best reading since January 2008. The May reading, however, was revised down to 74.3 from the original estimate of 76.2. Sales of new homes rose in May to a seasonally adjusted annual rate of 476,000, the Commerce Department said. That was the fastest pace since July 2008. Though sales of new homes remain below the 700,000 annual rate that most economists consider healthy, the pace has jumped 29 percent from a year ago. Chris Baggini, senior portfolio manager at Turner Investments in Berwyn, Penn., said investors had used Bernanke's statements last week as an excuse to get out of the market
-- something they wanted to do anyway, given its steady run-up for most of the year. The S&P 500 is up 11 percent for the year. But at its peak last month, it was up 17 percent. Among stocks making big moves: Walgreen, the nation's largest drugstore chain, slipped after reporting earnings and revenue that missed analysts' expectations. Walgreen's stock fell $2.83, or nearly 6 percent, to $45.22. Barnes & Noble plunged after reporting a loss that more than doubled in the latest quarter. The bookseller struggled to compete with online retailers and its Nook e-book continued to lose money. The stock fell $3.21, or more than 17 percent, to $15.61. Clothing chain Men's Wearhouse rose after saying it had fired executive chairman George Zimmer, the company's founder and star of its TV commercials, because he had advocated for "significant changes that would enable him to regain control," according to the company. The stock rose $2, or nearly 6 percent, to $37.13.
[Associated
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