Consumer confidence fell to 4-month low in September

U.S. consumer confidence dropped in September after hitting the highest level in nearly seven years in August.

The Conference Board reported Tuesday that its confidence index fell to 86.0, the lowest point since a May reading of 82.2. It was the first decline after four months of gains and followed a revised 93.4 in August, which had been the highest reading since October 2007, two months before the Great Recession officially began.

Conference Board economist Lynn Franco said the decline reflected a less bullish view of the current job market, likely reflecting a softening in growth after the economic rebound that occurred in the spring.

Increases in home prices slow significantly in July

U.S. home prices in July increased at the slowest pace in 20 months, reflecting sluggish sales and a greater supply of houses for sale.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 6.7 percent in July from 12 months earlier. That’s down from an 8.1 percent gain in June and the smallest increase since November 2012.

Sales of existing homes have been weak for most of this year. They picked up over the summer but then fell in August and are 5.3 percent lower than a year ago.

Research firm lowers rating of world’s largest bond fund

Morningstar Inc. cut the rating of Pacific Investment Management Co.’s Total Return Fund, the world’s largest bond fund, to bronze from gold after the exit of co-founder Bill Gross.

The research firm remains “positive overall” on the $222 billion fund, Eric Jacobson, an analyst at the Chicago-based research firm, said in a report dated Monday. The uncertainty regarding potential capital outflows and the reshuffling of management responsibilities at the Newport Beach, California- based company led to the downgrade, Morningstar said.

Gross surprised the market on Sept. 26 with the announcement that he was resigning from the company he helped found to join rival Janus Capital Group Inc. Pimco, which oversaw $1.97 trillion at the end of June, may see asset withdrawals of 10 percent to 30 percent from his departure, Sanford Bernstein said in a report that day.

Trump resorts attorneys get earlier bankruptcy hearing

A Delaware bankruptcy judge will hold a hearing Thursday on a request by Trump Entertainment Resorts to be relieved of its pension obligations under a collective bargaining agreement with workers at the Taj Mahal casino in Atlantic City, New Jersey.

The judge had previously scheduled a mid-October hearing on Trump’s request to replace the pension plan with a 401(k) plan, part of an effort to avoid closing the casino. Company attorneys want a quick decision on the pension liability because the issue could torpedo efforts to reorganize.

Wal-Mart where man shot takes pellet guns off shelves

Pellet guns have been pulled from shelves at the Ohio store where a 22-year-old man holding an air rifle was fatally shot by police.

Wal-Mart Stores Inc. spokesman Brian Nick said the move at the Beavercreek location near Dayton was store-specific, not a change in national policy for the world’s largest retailer. He said the store’s customers can still buy air guns, although they are not on display.

“It was a decision that the store made,” Nick said.

— From news service reports

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