Is 83.1 the Magic Number for the Market?
Still worried that this bull market doesn’t have legs? Perhaps the latest data out of Thomson Reuters and the University of Michigan will put you at ease.
The institutions found that consumer sentiment has now reached 83.1 – the highest level in five years.
This essentially means that consumers feel stronger about the economy and are more likely to increase spending over the coming weeks and months.
Combine the uptick in sentiment with other bullish indicators – like a lower unemployment rate, falling jobless claims and mounting evidence of a sustainable housing recovery – and things could certainly look a whole lot worse.