Consumer Confidence Number Comes Through

by: Roy Mehta

The Consumer Confidence Report helped turn around the market on Friday, coming in at 83.8. The number beat analysts' estimate of 83.5 and represented an increase from August's number of 83.4. The number brought assurance that the consumer was holding up with the current challenging conditions. A collapse of the US consumer would almost certainly lead to a recession. For now, investors were up beat, as all market retraced earlier losses after the Consumer Confidence number came out. Mike Malone, analyst at Cowen, said "as long as consumer confidence remains relatively healthy and the Fed provides liquidity to the credit markets," any pause "in economic growth will be temporary."

Sources: WSJ, MarketWatch
Commentary: Retail Sales Come In Below Expectations4.6% Unemployment Is Actually 5.5%
Stocks/ETFs to watch: DIA, SPY

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