US stocks fall despite housing gains

New York - US stocks fell on Tuesday amid a drop in consumer confidence and concerns about unemployment, even as data showed housing prices soared in July by the most in four years.

Consumer confidence dropped fell to 53.1 points from a revised 54.5 in August, amid rising unemployment, the New York-based Conference Board said Tuesday.

Investors were also concerned about September unemployment figures that are due out Friday. The US unemployment rate jumped to 9.7 per cent in August, soaring to a 26-year-high, as employers slashed an additional 216,000 jobs.

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