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Tuesday, September 30, 2008
Stocks Ride Higher on Positive Consumer Confidence Report
FOXBusiness
A report showing American consumer confidence improved in September helped boost stocks on Tuesday.
The report, issued by the Conference Board, says that confidence rose from 58.5 to 59.8 since August. However, consumer confidence is at a 16-year low, and those results do not totally reflect the events over the past few days, in which the financial crisis seemed to worsen.
This is several points higher than the 55.5 figure Wall Street had predicted, according to Thomson/IFR.
Consumer confidence was the lowest on record in October 1992, when the economy was recovering from a recession.
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