U.S. stocks end lower, Dow falls almost 500 points as consumer confidence slumps

U.S. stocks closed sharply lower Tuesday, falling for a second straight day, as a fresh reading on consumer confidence slumped more than expected. The Dow Jones Industrial Average
DJIA,
-1.56%
dropped around 490 points to close about 1.6% lower, while the S&P 500
SPX,
-2.01%
slid about 2% and the Nasdaq tumbled
COMP,
-2.98%
around 3%, according to preliminary FactSet data. The Conference Board said Tuesday that its consumer confidence index dropped in June to the lowest level since February 2021 on concerns over inflation, particularly rising prices of food and gas. Energy was the sole sector of the S&P 500 to post gains Tuesday, climbing sharply as oil prices rose amid supply fears.