The RBC Cash Index showed a recovery in U.S. consumer confidence in September, from multi-year lows the previous month. The rise in confidence is attributable to the Fed's mid-month 50 bps rate cut, a recovery on Wall Street and stabilizing gas prices. The index rose to 80.6 from 71.1 in August. People's feelings on the current state of the economy also climbed, as did their willingness to undertake major purchases. The index began measuring consumer sentiment in 2002 and was set at 100 based on January's readings from that year. Says Wachovia's Mark Vitner, "As long as we don't have another blow up in the credit markets, we'll probably see confidence come back some more."
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