US Consumer Confidence Rises Strongly In October: Stock Market Sentiment Hits New Highs
Portfolio Pulse from Piero Cingari
US consumer confidence surged in October, with the Consumer Confidence Index rising to 108.7, the highest since March 2021. This boost was driven by improved views on business conditions and job availability. Despite mixed signals on inflation and interest rates, optimism about the stock market increased, with 51.4% of consumers expecting stock prices to rise. The SPDR S&P 500 ETF Trust (SPY) closed 0.2% higher, nearing record highs.
October 29, 2024 | 8:46 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a positive impact as consumer confidence rose significantly in October, with 51.4% of consumers expecting stock prices to increase. SPY closed 0.2% higher, nearing its record highs.
The rise in consumer confidence and the expectation of higher stock prices positively influence SPY, which tracks the S&P 500 Index. The ETF's closing near record highs reflects this optimism.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80