US Consumer Confidence is at 17 Year Highs
$DIA, $SPY, $QQQ, $VXX
US Consumer Confidence jumped to a 17-year high as optimism about employment prospects grew and Americans began seeing additional money in their paychecks from recently enacted Trump tax cuts, data from the New York-based Conference Board showed Tuesday.
|Highlights of Consumer Confidence (February)|
The report reflects increased confidence in employment and incomes, which could support consumer spending. The labor differential, which measures the gap between respondents saying jobs are plentiful and those who say they are hard to get, rose to 24.7 percentage points, the highest since Y 2001.
Recent tax legislation signed in December may have also buoyed sentiment, as many Americans saw bigger after-tax paychecks in February due to the law. That may have helped consumers shrug off the early-February 10 percent decline in stock prices, which have since recovered most of their losses.
“Despite the recent stock market volatility, consumers expressed greater optimism about short-term prospects for business and labor market conditions, as well as their financial prospects,” Lynn Franco, the Conference Board’s director of economic indicators, said in a statement. “Overall, consumers remain quite confident that the economy will continue expanding at a strong pace in the months ahead.”
Wednesday, the major US stock market indexes finished at: DJIA -299.24 at 25410.03, NAS Comp -91.11 at 7330.35, S&P 500 -35.32 at 2744.28
Volume: Trade on the NYSE came in at: 895-M/shares exchanged
- NAS Comp +6.2% YTD
- S&P 500: +2.6% YTD
- DJIA +2.8% YTD
- Russell 2000: +0.1% YTD
HeffX-LTN’s Market Indexes Technical Analysis