Stocks Edge Higher as Consumer Confidence Sinks to New Low

The Conference Board reported that consumer confidence fell to a record low in January as analysts looked for signs of a rebound. The Dow added 8 points to 8124 with Nasdaq rising 6 points to 1495.

On the upside

Shares of Convergys (NYSE: CVG) surged after the business outsourcing services provider posted a loss and small decline in revenues while projecting growth for 2009.

Zions Bancorporation (Nasdaq: ZION) posted nearly $500 million in 4th quarter losses mostly due to noncash impairment charges related to its subsidiary banks.

On the downside

Verizon Communications (NYSE: VZ) reported higher earnings, but one-time charges for job cuts trimmed results while revenue and subscriber growth missed expectations.

Delta Air Lines (NYSE: DAL) posted a massive $1.4 billion loss due to employee stock awards and charges from fuel hedges.

Chemical maker DuPont (NYSE: DD) posted a 4th quarter loss and lowered its 2009 forecast.

Dow Chemical (NYSE: DOW) warned that it may cut its dividend while the company struggled to complete an acquisition of rival Rohm & Haas (NYSE: ROH).

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 452.

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