Markets Close Lower As Consumer Confidence Tumbles

February 23, 2010 at 15:32 PM EST

The Conference Board reported a steeper than expected drop in consumer confidence sending the markets down to a lower close with the Dow plunging 100 points to 10,282. Nasdaq tumbled 28 points to 2213.

On the upside

Shares of Ford (NYSE: F) rose as Toyota Motors (NYSE: TM) President Akio Toyoda prepares to testify before Congress tomorrow.

Microchip Technology (Nasdaq: MCHP) increased its cash acquisition offer for Silicon Storage (Nasdaq: SSTI) to $3 per share.

Checkpoint Systems (NYSE: CKP) reported higher fourth quarter earnings that beat analyst expectations.

On the downside

Fourth quarter earnings for Huron Consulting (Nasdaq: HURN) more than quadrupled but the company forecast 2010 revenue below expectations.

Tenet Healthcare (NYSE: THC) disappointed with fourth quarter earnings and revenue that fell short of estimates.

HealthSouth (NYSE: HLS) reported lower fourth quarter earnings and forecast 2010 earnings below expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 625.