Tuesday, May 26, 2009
A more upbeat mood among consumers is spreading to Wall Street.
Stocks are extending their gains Tuesday after a research group reported that consumer sentiment rose in May to the highest level since September.
The Conference Board says its Consumer Confidence Index surged to 54.9 from a revised 40.8 in April. Economists had expected 42.3.
Consumers' improving mood could make them more likely to shop more, and also make bigger purchases on cars and homes. Consumer spending accounts for more than two-thirds of U.S. economic activity.
The Dow Jones industrial average is up 145 at 8,422 after being up about 40 ahead of the report. The Standard & Poor's 500 index is up 15 at 902, while the Nasdaq composite index is up 43 at 1,735.