What does consumer confidence have to do with the climb in stocks?”
NEW YORK -The stock market rebounded from an early slide Tuesday as stronger consumer confidence boosted hopes for the economy. Stocks rose for a second day, lifting the Dow Jones industrial average about 100 points since Monday following a sharp drop of 550 points in the final three days of last week. The latest advance began after the Conference Board said its index of consumer confidence rose to 55.9 in January from 53.6 in December. It was the third straight increase and the highest level in more than a year. Investors hope that gains in confidence will translate to increased spending by consumers. The Dow rose nearly 60 points in late afternoon trading, boosted by a big gain in Travelers Cos. after the insurer said an absence of catastrophe costs and a recovery in its investment portfolios lifted profits 60 percent for the final three months of 2009. The stock market started off on a weak note as China moved ahead with a plan to curb bank lending. Investors in the U.S. and elsewhe
NEW YORK (AP) — Stocks are rebounding from an early slide as stronger consumer confidence boosts hopes for the economy. The market is advancing Tuesday as the Conference Board says its index of consumer confidence rose to 55.9 for January from 53.6 in December. It was the third straight increase and the highest level in more than a year. Concerns about the economy had been holding the market lower. China moved ahead with a plan to curb bank lending to keep that country’s economy from overheating. Investors are concerned a slowdown in China could destabilize a global recovery. At midday, the Dow is up 55 at 10,251. The Standard & Poor’s 500 index is up 4 at 1,100, while the Nasdaq composite index is up 9 at 2,220.
