Stock Market Today: Stocks Sink on Strong Economic Data There was a glimmer of hope at Tuesday''s open that today might be the day stocks reverse their recent downward trend. But that was dashed mid-morning when the major market indexes took a decisive turn lower after a pair of economic reports poured cold water on expectations the Fed might slow its rate-hiking campaign anytime soon. SEE MORE Hedge Funds'' 21 Top Blue-Chip Stocks to Buy Now Specifically, data from the Labor Department this morning showed the number of job openings in the U.S. rose to 11.2 million in July from 11 million in June, while those quitting their positions were little changed at 4.2 million. Additionally, the Conference Board''s consumer confidence index spiked to 103.2 in August from July''s 95.3, due in part to falling gas prices , the first time this value has been above its benchmark of 100 since May. "With consumer confidence climbing higher as gasoline prices continuing to inch lower, and providing an extra $100 dollars in consumer pockets, coupled with indications that the labor market remains tight, the Federal Reserve has yet to see the ''pain'' necessary to tamp down demand," says Quincy Krosby, chief global strategist for independent broker-dealer LPL Financial. " For an inflation-fighting central bank, what''s good news on Main Street now makes the job to rein in inflation that much more difficult." Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.