Good economic news:
Consumer confidence extended its rebound in May, soaring to the highest level since September as shoppers are seeing glimmers of hope for the economy.
The Conference Board said Tuesday that its consumer confidence index, which had dramatically increased in April, zoomed past economists’ expectations to 54.9 from a revised 40.8 in April. Economists surveyed by Thomson Reuters were expecting 42.3. The reading marks the highest reading in eight months when the level was 61.4. The levels are also closer to the year-ago reading of 58.1.
Nice to read this, considering the news this weekend was about a new wave of foreclosures hitting those who were previously considered safe lending risks. That was so depressing I chose to ignore it. At any rate, Wall Street is reacting favorably.