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Consumer Confidence soared to 113.7 on Tuesday...the best reading since August 2001. And yes, this stamp of approval from consumers should make investors feel very confident going into 2017. That is because this report has a strong correlation with current and future consumer spending.
The good news doesn't end there. Both the Kansas City and Dallas Fed Manufacturing reports were nicely above estimates. The Dallas reading of 15.5 is most important because this region has been in slowdown mode ever since oil fell from its $100 perch. So it is very good to see that regions manufacturing so steeply on the incline.
With this backdrop it is not surprising that stocks were in the green on Tuesday. 2300 is still a strong possibility before the year is out given all positives in place.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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Consumer Confidence soared to 113.7 on Tuesday...the best reading since August 2001. And yes, this stamp of approval from consumers should make investors feel very confident going into 2017. That is because this report has a strong correlation with current and future consumer spending.
