US: CB Consumer Confidence Index recovers modestly to 86.6 in May
- CB Consumer Confidence Index rose slightly in May.
- Wall Street's main indexes cling to strong gains after the data.
The Conference Board's Consumer Confidence Index edged higher to 86.6 in May from 85.7 in April.
Further details of the publication revealed that the Present Situation Index fell from 73 to 71.1 and the Expectations Index rose from 94.3 to 96.9.
Commenting on the data, “following two months of rapid decline, the free-fall in Confidence stopped in May,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic."
Market reaction
This report had virtually no impact on market sentiment. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 2.35% and 1.85%, respectively.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
