Breaking: US CB Consumer Confidence Index dropped to 120 in March from 132.6
|The Consumer Confidence Index slumped to 120 in March from 132.6 in February (revised from 130.7), The Conference Board's (CB) monthly data showed on Tuesday. This reading came in better than the market expectation of 110.
Commenting on the data, "consumer confidence declined sharply in March due to a deterioration in the short-term outlook,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs.”
Market reaction
Despite the better-than-expected reading, Wall Street's main indexes struggled to stage a meaningful rebound. As of writing, the Dow Jones Industrial Average was down 0.75% on the day while the S&P 500 was erasing 0.85%.
Meanwhile, the US Dollar Index edged higher and was last up 0.72% on the day at 99.75.
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