Could it have been just last week that investors were flush with confidence that the worst was behind us? With the release of a report documenting lower-than-expected consumer spending in April—a drop of 0.4 percent from March—the bear market is rearing its head again. Another report showing that foreclosed U.S. homes went up by 32 percent last month is adding to the bad news, pushing the Dow down 184.22 points, or 2.2. percent, to close at 8,284.89. The Nasdaq and S&P both shed around 3 percent. Observers worry the recent gains by the market will be short-lived. “This is a market that’s tired [and it’s] using the retail news as an excuse to head lower,” says one expert.
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