IN BRIEF

NEW YORK

Consumer confidence dips from May level

The New York-based Conference Board said Tuesday that its Consumer Confidence Index now stands at 49.3, down from its revised May level of 54.8. Because consumer spending accounts for more than two-thirds of economic activity in the United States, economists and investors watch it closely.

Both components of the consumer confidence gauge fell this month. The Present Situation Index of how shoppers feel now about the economy slid to 24.8 from 29.7 in May. The board's Expectations Index, shoppers' outlook for the next six months, dropped to 65.5 from 71.5.

NEW YORK

Housing index drops by 18 percent in April

Newfound signs of stability in the housing market could still be threatened by rising foreclosures and slow efforts to stop them, according to two reports released Tuesday.

The Standard & Poor's/Case-Shiller index of 20 major cities showed the smallest monthly decline since June 2008.

The index tumbled 18 percent in April from the year before, but for the third month in a row it was not a record decline. Yearly losses in 13 metros improved compared to March.

Over the 12-month period ended in April, declines were sharpest in Phoenix, which showed a 35 percent drop, Las Vegas followed with a 32 percent decrease, and San Francisco with a 28 percent fall, the index showed.

HOUSTON

Judge revokes bond for accused financier

A federal judge on Tuesday revoked the bond of Texas financier R. Allen Stanford, ordering he be kept in jail while he awaits trial on charges alleging he swindled investors out of $7 billion.

U.S. District Judge David Hittner issued an order overturning a magistrate judge's decision last week to allow Stanford to be free on $500,000 bond but be under GPS monitoring and home detention. Stanford has been in custody since being indicted and arrested June 18.

Stanford's attorney, Dick DeGuerin, said he was disappointed with the decision and would appeal it to the 5th U.S. Circuit Court of Appeals in New Orleans.

ROCHESTER, N.Y.

Flat-screen TV sales boosting Corning

Specialty glass maker Corning Inc. said Tuesday it is getting a big lift from rising sales of flat-screen televisions, most notably in China.

For the second time in five weeks, the world's largest maker of liquid-crystal-display glass said it is raising its forecast for second-quarter sales of its super-thin monitors.

Corning now expects LCD glass volume to rise 65 percent from the first quarter. It had predicted more than 40 percent first-quarter growth, then raised the figure to more than 50 percent on May 28.

Volume will likely double in its wholly owned business and jump about 50 percent at its LCD glass joint venture with Korea's Samsung Electronics Co., the company said.

NEW YORK

GM exec defends plan for bankruptcy exit

General Motors CEO Fritz Henderson on Tuesday defended the automaker's plan to sell the bulk of its assets to a new company and quickly emerge from bankruptcy protection.

General Motors Corp., whose June 1 filing for bankruptcy protection was the fourth-largest in U.S. history, is hoping to avoid a lengthy sale hearing that could postpone its emergence from Chapter 11. Last month, objections from a group of bondholders and others dragged out rival Chrysler LLC's sale hearing for three days.

At a packed Manhattan courthouse Tuesday, Henderson was questioned for about five hours by attorneys for the various parties challenging the sale, including bondholders, consumer groups and unions.

Henderson said the No. 1 U.S.-automaker's sale plan is necessary to get GM back on its feet quickly and cautioned that the government could walk away from the deal if the sale doesn't close by July 10.

SALT LAKE CITY

Smith's expanding its recall on beef

Smith's Food and Drug Stores says it is expanding its recall on beef to include packages weighing 2 pounds or more of store-brand labeled beef grind 85/15 with sell-by dates of April 27 to June 1.

Smith's says the beef was supplied by JBS Swift Beef Co. and may be contaminated with E. coli.

Smith's says the product is no longer in stores and it is asking customers to check their freezers at home for ground beef with one of four UPC codes.

Smith's stores in Nevada, Arizona, Idaho, Montana, New Mexico, Utah and Wyoming are included in the recall.

Customers with questions should call 1-800-632-6900.

NEW YORK

Treasury prices decline, snapping days of gains

Treasury prices fell Tuesday, breaking three straight days of gains.

In late trading, the yield on the benchmark 10-year Treasury note rose to 3.52 percent from 3.49 percent late Monday. The 10-year Treasury note's price fell 0.44 points to 96.59.

The 30-year bond's yield rose to 4.31 percent from 4.30 percent. Its price fell 0.81 points to 98.53.

Borrowing costs between banks were unchanged. The London Interbank Offered Rate, or Libor, for three-month dollar loans was flat at 0.60 percent.