TOPICS > Economy

News Wrap: Markets Rally, But Consumer Confidence Down

June 26, 2012 at 12:00 AM EDT

HARI SREENIVASAN: Americans are still anxious about the nation’s economic recovery. The Conference Board reported today that consumer confidence was down for the fourth month in a row. The business group said worries about jobs and income were the main factors.

But Wall Street managed small gains today.  The Dow Jones industrial average added 32 points to close at 12,534.  The Nasdaq rose nearly 18 points to close at 2,854.

Turkey warned Syria today against any violations of their mutual border. That’s after the Syrians shot down a Turkish plane last Friday. Turkish Prime Minister Recep Tayyip Erdogan told parliament that from now on any Syrian forces near the border will be treated as a target.

Meanwhile, in Brussels, Turkey’s NATO allies stopped short of calling for military action against Syria. But they rejected the downing of the Turkish plane.

ANDERS FOGH RASMUSSEN, NATO secretary general: We consider this act to be unacceptable and condemn it in the strongest terms. And let me make this clear.  The security of the alliance is indivisible. We stand together with Turkey in the spirit of strong solidarity.

HARI SREENIVASAN: In Syria, heavy fighting raged in the suburbs of Damascus, as rebel forces clashed with elite troops. Smoke could be seen billowing out of an area near Republican Guard housing compounds and bases. Activists reported at least six people were killed.

An Egyptian court dealt the country’s military a blow today, barring it from arresting  civilians. The government had granted that power to military police and intelligence agents for even minor offenses. Also today, the loser of the presidential election, Ahmed Shafiq, left Egypt with most of his family for Abu Dhabi.  He’s now a target in a corruption probe.

The drama over the president of the University of Virginia came to an end today. The school’s governing board unanimously reinstated Teresa Sullivan, who became the school’s first female president in 2010. Sullivan was ousted earlier this month over claims that she was too slow to adjust to funding cuts and other challenges. The move sparked an outcry from faculty, students, and others.

Those are some of the day’s major stories.