The Consumer Confidence Index unexpectedly jumped from an upwardly revised 40.8 in April to 54.9 in May, well above the estimate of 42.6. The index sits at the highest level in eight months, and along with the improved overall reading, consumer confidence about the present situation and expectations for the next six months improved.
The Dow Jones Industrial Average gained 196 points (2.4%) to close at 8,473, the S&P 500 Index rose 23 points (2.6%) to 910, and the Nasdaq Composite increased 58 points (3.5%) to 1,750. Crude oil rose $0.78 to $62.45 per barrel, and gold fell $5.05 to $953.75 per ounce.
Magnificent Seven Update
