Investing.com – Consumer confidence in the U.S. rose more-than-expected in February, improving for the sixth consecutive month, industry data showed on Tuesday.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose by 1.9 points to 49.4 in February from January’s reading of 47.5.
Economists had expected the index to rise by 0.8 points to 48.3 in February.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 7.0 points above its 12-month average of 42.4 and 5.0 points above its reading of 44.4 in December 2007 when the economy entered into the recession. The index remains 0.4 points below its all-time average of 49.9.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.44% to trade at 1.3188.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average fell 0.45%, the S&P 500 index shed 0.55%, while the Nasdaq Composite index slumped 0.4%.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose by 1.9 points to 49.4 in February from January’s reading of 47.5.
Economists had expected the index to rise by 0.8 points to 48.3 in February.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 7.0 points above its 12-month average of 42.4 and 5.0 points above its reading of 44.4 in December 2007 when the economy entered into the recession. The index remains 0.4 points below its all-time average of 49.9.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.44% to trade at 1.3188.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average fell 0.45%, the S&P 500 index shed 0.55%, while the Nasdaq Composite index slumped 0.4%.