NEW YORK (Reuters) - U.S. consumer confidence rose in June, mirroring the strong gains the stock market has made since early March, a survey released on Tuesday said.
Investor’s Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index climbed to 50.8 in June from 48.6 in May, marking its highest reading since November 2008.
A figure above 50 indicates optimism, while one below 50 points to pessimism.
The index is 5.2 points above its 12-month average of 45.6 and a mere 0.5 points below its all-time average of 51.3.
“Consumer confidence is building on the momentum that it picked up in April, reflecting the strength we are seeing in the stock market,” said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD’s polling partner.
“Across the board, there is an optimistic feeling that the economy is recovering,” he added.
As of the close on Monday, the S&P 500 stock index has rallied 39 percent since touching a bear-market low on March 9, and recently pierced its 200-day moving average.
The IBD/TIPP surveys more than 900 adults generally in the first week of the month.
Reporting by Camille Drummond, Editing by Chizu Nomiyama
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