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Consumer confidence hit a five month high, according to a Reuters/University of Michigan survey. However, for those hoping for a recovery, that good news comes with a lot of negative.

General consumer spending dipped, probably in no small part to a dip in personal income of 0.7% in July, according to recent numbers. Also up, price increases that have pushed inflation to a 17-year high that has eroded consumer buying power. Both of these work to negate any impact consumer confidence might have.

Also adding weight to the market are worries and uncertainties surrounding the effect hurricane Gustav will have on oil production, ending a long run of lowering oil prices. Expect higher gas prices.

With all these worries on people's minds, here are today's unofficial closing bell levels:

DJIA: 11,543.96 -171.22 (-1.46%)
NASDAQ: 2,367.52 -44.12 (-1.83%)
S&P 500: 1,287.23 -13.45 (-1.03%)
10-Year Bond: 3.81% +0.03 (0.79%)

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Closing Bell: Dow, NASDAQ and S&P down on inflation and oil worries originally appeared on BloggingStocks on Fri, 29 Aug 2008 16:35:00 EST. Please see our terms for use of feeds.

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