Consumer is the king, and when confidence of king heads south it is but natural to react accordingly and market exactly did that toady. Consumer Confidence Index, released by Conference Board on Tuesday, clearly shows t hat in the month of June the consum

In a biggest drop since February the CCI of June came in at 52.9 far below the 62.7 of May. Experts point of view is that above 90 indicates that economy is on solid footing and above 100 indicated strong growth, but it has not come in 90s since the recession began in 2007.

As was expected in some quarters, the tremors of the consumer confidence report was felt across all markets in U.S. as well as other parts of the world.
The Dow Jones industrial average shed 270 points and closed below 10,000 for the first time since June 10.

In the worst day since the May 6 "flash crash," the S&P 500 had tumbled below its 2010 intra-day low of 1,040.78 during the session, which analysts said could ignite further declines. The index closed at its lowest level since October 30, breaking its closing low for the year at 1,050.47.

The Dow Jones industrial average lost 268.22 points to 9,870.30. The Standard & Poor's 500 Index fell 33.33 points to 1,041.24. The NASDAQ composite Index dropped 85.47 points to 2,135.18.

Wall Street's fear gauge, the CBOE volatility index, surged 22 percent to a session high of 35.39, its highest level since early June.

CCI report forced benchmark crude oil fell $2.31 to settle at $75.94 on the New York Mercantile Exchange. Gasoline and other energy prices also retreated.