Stocks are pulling back in late morning trading as consumer sentiment plunges to a much lower level than economists expected. It seems consumers are finally feeling the impact of the government's policies. One big policy change is an increase in payroll taxes.
JP Morgan Chase (NYSE:JPM) was down over 2% after the Federal Reserve criticized its management and failure to prevent huge trading losses. Shares of Intel (NASDAQ:INTC) and Verizon (NYSE:VZ) were also weighing on the Dow.
Also this morning, the New York manufacturing index came in slightly lower than what economists expected. Growth in new orders was especially slow, coming in at 8.18 compared to last month's 13.31.
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