NEW YORK, USA

The US stock market edged lower yesterday, breaking a six-day advance as reports on home prices and consumer confidence did little to excite buyers.

Major indexes rose modestly in the early going but slipped as the dollar strengthened and tugged on commodities prices. A stronger dollar makes commodities more expensive for foreign buyers.

Trading was quiet, as it has been in recent days, and many investors left at the end of the day for a long New Year’s weekend. The low volume held the Dow Jones industrial average to a 36-point range, the narrowest in nearly three years. The modest losses came after stocks had risen for six straight days.

Economic reports looked stronger but failed to galvanise investors. The Conference Board said its index of consumer confidence rose to 52.9 in December from 49.5 in November. That was slightly better than economists had forecast.

The index remains well below what is considered healthy. A reading of 90 or more signals a solid economy. However, the index has jumped from a historic low of 25.3 in February.

Home prices also rose. The Standard & Poor’s/Case-Shiller’s home price index rose for a fifth straight month in October, edging up 0.4 per cent. The index was off 7.3 percent from October last year, roughly in line with expectations.

AP